Navigation Links
Savient Pharmaceuticals Announces Dismissal of Class Action Lawsuit
Date:9/30/2010

EAST BRUNSWICK, N.J., Sept. 30 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced that the United States District Court for the Southern District of New York has dismissed the Class Action originally filed on November 25, 2008, and captioned Richard Sagall vs. Savient Pharmaceuticals, Inc., et al., against the Company and two of its former officers. The suit alleged that the Company made false and misleading statements relating to the GOUT1 and GOUT2 phase 3 clinical trials and that the Company failed to disclose in a timely manner serious adverse events which occurred in five patients in these trials. The Company and the other named defendants had filed a motion to dismiss the complaint in June 2009.

The Court's decision dismissing the Class Action is based on the plaintiff's failure to set forth particularized facts, through direct or circumstantial evidence, which give rise to a strong inference that the defendants acted with intent to defraud, recklessness or a conscious disregard of the truth. The Court also concluded that the plaintiff had not demonstrated that there was any evidence that the defendants engaged in conscious misbehavior or recklessness in the manner it disclosed the relevant clinical trials data, and that the plaintiff failed to show that the defendants had made false and misleading statements or material omissions in its statements to the detriment of the investing public. The Court's ruling, while dismissing all claims, does not preclude the plaintiff from seeking to file an amended complaint, and is also subject to appeal.

About Savient Pharmaceuticals, Inc.

Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused on developing KRYSTEXXA(TM) (pegloticase) for the treatment of chronic gout in adult patients refractory to conventional therapy. Savient also manufactures and supplies Oxandrin(R) (oxandrolone tablets, USP) CIII in the U.S.

SVNT-G


'/>"/>
SOURCE Savient Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Savient Announces FDAs Advisory Panel to Review Pegloticase for Treatment-Failure Gout Patients
2. Savient Provides Update on Pegloticase BLA
3. Savient Pharmaceuticals Announces Proposed Public Offering of Common Stock
4. Savient Pharmaceuticals Prices Underwritten Offering of Common Stock
5. Savient Pharmaceuticals Announces Closing of Public Offering and Exercise of Over-Allotment Option
6. Savient Pharmaceuticals Reports Third Quarter 2009 Financial Results
7. Savient Provides Update on KRYSTEXXA(TM) BLA Resubmission Activities
8. Savient Pharmaceuticals To Hold Fourth Quarter And Year-End 2009 Results Conference Call On Friday, February 26, 2010
9. Savient Pharmaceuticals Reports Fourth Quarter and Year-End 2009 Financial Results
10. Savient Resubmits Biologics License Application for KRYSTEXXA(TM) (pegloticase) for the Treatment of Chronic Gout in Patients Refractory to Conventional Therapy
11. Savient Pharmaceuticals To Hold First Quarter 2010 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... Research and Markets has announced the addition of the "Dental ... ... markets for Dental Implants in US$ Million. The report provides separate comprehensive ... , Europe , Asia-Pacific , ... Annual estimates and forecasts are provided for the period 2015 through ...
(Date:3/24/2017)... 24, 2017 FinancialBuzz.com News Commentary  ... According to ... cannabis market research, the legal cannabis market is projected to ... despite conflicting signals from the current presidential administration. The report ... two biggest drivers of growth in this industry are the ...
(Date:3/24/2017)... Mar 24, 2017 Research and Markets has ... and Diagnostics, 2017 - 2035" report to their offering. ... The Deep Learning: Drug ... future outlook of the growing market of deep learning solutions within ... learning algorithms have emerged as a novel solution to generate relevant ...
Breaking Medicine Technology:
(Date:3/24/2017)... ... 24, 2017 , ... Mlynarek Insurance Agencies, a Detroit area ... owners across eastern Michigan, is connecting with the Oxford/Orion FISH Food Pantry for ... The Oxford/Orion FISH Food Pantry works to ensure homeless, hungry, and underprivileged families ...
(Date:3/24/2017)... ... March 24, 2017 , ... On June 9, 2017, Cassie ... Litigation seminar in Chicago, Illinois. She will present on: , Filing Benefit ... under ERISA involve claims for long-term disability benefits. This session will address ...
(Date:3/24/2017)... Frederick, Maryland (PRWEB) , ... March 24, 2017 ... ... LLC, is the first Certified Medical Reiki™ Master in Frederick, MD. Judy says, ... and their caregivers during what is often a very difficult and challenging time.” ...
(Date:3/24/2017)... ... ... Adventures of Joey, The Dog Who Barks at Puddles”: a boisterous story about a ... God intended. “The Adventures of Joey, The Dog Who Barks at Puddles” is the ... writing, especially about truth and human behavior. , Published by Christian Faith Publishing, Patti ...
(Date:3/23/2017)... TX (PRWEB) , ... March 23, 2017 , ... ... clinic, located at 960 Gruene Road in Building 2. The clinic is the group’s ... Andrew Bennett, PT, says opening the company’s second New Braunfels location brings things full ...
Breaking Medicine News(10 mins):