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:6/23/2016)... LOS ANGELES , June 23, 2016 /PRNewswire/ ... (NASDAQ: CAPR ), a biotechnology company ... first-in-class therapeutics, today announced that patient enrollment in ... progrEssion in Duchenne) has exceeded 50% of its ... its enrollment in the third quarter of 2016, ...
(Date:6/23/2016)... Ill. and BOGOTA, Colombia , June 23, 2016  Astellas today announced the establishment ... Astellas Farma Brasil as the company,s second affiliate in Latin America . ... ... General Manager of Astellas Farma Colombia ... ...
(Date:6/23/2016)... June 23, 2016  Experian Health, the ... transforming the patient payment and care experience, ... new products and services that will enhance ... cycle offerings. These award-winning solutions will enable ... remain compliant in an ever-changing environment and ...
Breaking Medicine Technology:
(Date:6/25/2016)... , ... June 25, 2016 , ... Austin residents seeking ... American College of Mohs Surgery and to Dr. Russell Peckham for medical and surgical ... effective treatment for skin cancer. The selective fellowship in Mohs Micrographic Surgery completed by ...
(Date:6/25/2016)... ... June 25, 2016 , ... ... recover from injury. Recently, he has implemented orthobiologic procedures as a method for ... is one of the first doctors to perform the treatment. Orthobiologics are substances ...
(Date:6/24/2016)... ... ... June 19, 2016 is World Sickle Cell Observance Day. In an effort ... holistic treatments, Serenity Recovery Center of Marne, Michigan, has issued a pain ... Disease (SCD) is a disorder of the red blood cells, which can cause episodes ...
(Date:6/24/2016)... , ... June 24, 2016 , ... Comfort Keepers® of ... Cancer Society and the Road To Recovery® program to drive cancer patients to and ... other adults to ensure the highest quality of life and ongoing independence. Getting ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... ... client, The Grove Investment Group (TGIG), has initiated cultivation and processing operations at ... Las Vegas and Pahrump, Nevada. , Puradigm is the manufacturer of a complete ...
Breaking Medicine News(10 mins):