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:10/2/2017)... The Rebound mobile app is poised to become a vital ... prescription drug addiction. The app empowers users to develop an ... their dosage in a safe, controlled manner while maximizing well-being. ... 100,000 people to sign up will enjoy 3 months of ... ...
(Date:9/27/2017)... their devotion to personalized service, SMP Pharmacy Solutions announces their ... South Florida Business Journal,s 50 Fastest-Growing Companies, and listed for ... specialty pharmacy has found its niche.  To that end, the ... by SFBJ as the 2017 Power Leader in Health Care. ... award in October, Bardisa said of the three achievements, "It,s ...
(Date:9/25/2017)... PROVIDENCE, R.I. , Sept. 25, 2017 /PRNewswire/ ... immunogenicity assessment, vaccine design, and immune-engineering today announced ... focused on the development of personalized therapeutic cancer ... and has provided exclusive access to enabling technologies ... MSc Eng., MBA will lead EpiVax Oncology as ...
Breaking Medicine Technology:
(Date:10/13/2017)... ... 2017 , ... Coveros, a leader in agile coaching services ... by the Center for Medicare and Medicaid Services (CMS). The Enterprise Agile Transformation ... Agile methodologies in a consistent and high value manner across CMS programs. Coveros ...
(Date:10/13/2017)... ... 2017 , ... “America On The Brink”: the Christian history of the United ... the creation of published author, William Nowers. Captain Nowers and his wife, Millie, ... spent thirty years in the Navy. Following his career as a naval aviator ...
(Date:10/12/2017)... ... October 12, 2017 , ... CitiDent and ... apnea using cutting-edge Oventus O2Vent technology. As many as 18 million Americans ... frequent cessation in breathing. Oral appliances can offer significant relief to about 75 ...
(Date:10/12/2017)... , ... October 12, 2017 , ... ... to meet the demand of today’s consumer and regulatory authorities worldwide. From Children’s ... experts and tested to meet the highest standard. , These products are ...
(Date:10/12/2017)... ... October 12, 2017 , ... The American College of Medical ... Friedman, PhD, FACMI, during the Opening Session of AMIA’s Annual Symposium in Washington, D.C. ... honor of Morris F. Collen, a pioneer in the field of medical informatics, this ...
Breaking Medicine News(10 mins):