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:8/15/2017)... announced today that its fully owned USA -operating ... City Office in Yonkers, New York to ... 2 ) homecare therapy. This new East Coast location has also ... the company,s DMEPOS accreditation for Home/Durable Medical Equipment Services. ... Advanced Oxygen Therapy Inc. New York ...
(Date:8/11/2017)... , Aug. 11, 2017 DarioHealth Corp. (NASDAQ: ... health and big data solutions, today announced that it ... August 14 and host a conference call at 9:00am ... operating and financial results and its strategy and outlook ... hosted by Erez Raphael , Chief Executive Officer, ...
(Date:8/8/2017)... Aug. 8, 2017  BioLineRx Ltd. (NASDAQ/TASE: BLRX), a ... reports its financial results for the second quarter ended ... the second quarter 2017 and to date: ... development programs for the Company,s lead project, BL-8040: ... study with BL-8040 as novel stem cell mobilization treatment ...
Breaking Medicine Technology:
(Date:8/16/2017)... ... August 16, 2017 , ... LabRoots , the leading provider ... the world, is excited to announce Andrew Ly as the winner of the LabRoots ... textbook costs. , Ly, who is in his third year at the University ...
(Date:8/16/2017)... (PRWEB) , ... August 16, 2017 , ... Fusion Flix ... premium original programming over four countries and millions of viewers in a partnership with ... rent or buy On-Demand and fully available on Blu Ray disc in 2018. Proceeds ...
(Date:8/16/2017)... ... 2017 , ... Kaviva , a health engagement technology ... market, with Los Angeles-based AIDS Healthcare Foundation ( AHF ), to provide their ... for nearly 800,000 individuals worldwide and is the largest HIV/AIDS organization in the ...
(Date:8/16/2017)... ... August 16, 2017 , ... ... and marketers of high-quality anti-aging skincare solutions, recently announced the launch of two ... are an affordable, yet effective alternative to expensive plastic surgery or in-patient cosmetic ...
(Date:8/16/2017)... (PRWEB) , ... August 16, 2017 , ... “Mom, God's Got This: Jamie's Story” is ... in love with the Lord and has an insatiable appetite for God’s Word. , “I ... those shelves, free gifts retrieved from packages of oatmeal. I have one to this day ...
Breaking Medicine News(10 mins):