Rigrodsky & Long, P.A. Files Securities Fraud Class Action Lawsuit Against
Certain Executives And Directors Of Savient Pharmaceuticals, Inc.
WILMINGTON, Del. -- January 21, 2014
Rigrodsky & Long, P.A.:
*Do you, or did you, own shares of Savient Pharmaceuticals, Inc. (OTC QB:
*Did you purchase your shares between April 1, 2013 and October 14, 2013,
*Did you lose money in your investment in Savient Pharmaceuticals, Inc.?
*Do you want to discuss your rights?
Rigrodsky & Long, P.A. announces that it has filed a class action lawsuit in
the United States District Court for the District of Delaware on behalf of all
persons or entities that purchased the securities of Savient Pharmaceuticals,
Inc. (“Savient” or the “Company”) (OTC QB: SVNTQ) between April 1, 2013 and
October 14, 2013, inclusive (the “Class Period”), alleging violations of the
Securities Exchange Act of 1934 against certain of the Company’s officers and
directors (the “Complaint”). The case is entitled Johansson v. Ferrari, Case
No. 14-cv-0042 (D. Del.).
If you purchased shares of Savient during the Class Period and wish to discuss
this action or have any questions concerning this notice or your rights or
interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of
Rigrodsky & Long, P.A., 825 East Gate Boulevard, Suite 300, Garden City, NY at
(888) 969-4242, by e-mail to firstname.lastname@example.org, or at:
The Complaint alleges that throughout the Class Period, defendants made
materially false and misleading statements regarding the Company’s business
operations, financial condition and prospects. Specifically, the Complaint
alleges that the defendants concealed from the investing public that: (a)
Savient lacked the sufficient cash and cash equivalents to fund anticipated
levels of operations, which ultimately lead to the Company filing voluntary
petitions for reorganization under Chapter 11 of Title 11 of the United States
Code; and (b) the Company mislead investors by actively exploring the sale of
the Company despite insisting its intention to proceed with efforts to
commercialize its chief drug, KRYSTEXXA, in the United States and to explore
partnership opportunities in the EU and other jurisdictions. As a result of
the foregoing, the Company’s stock traded at artificially inflated prices
during the Class Period.
According to the Complaint, on October 15, 2013, only two months after falsely
assuring the market that it had an adequate cash position to fund operations
for an additional 12 months, and after misrepresenting the Board’s efforts to
engage in strategic alternatives, Savient announced that it had elected to
file voluntary petitions for reorganization under Chapter 11 of Title 11 of
the United States Code in the United States Bankruptcy Court for the District
of Delaware. In that same announcement, Savient reported that it was seeking
authorization to pursue a sale process under Section 363 of the U.S.
Upon the news of the bankruptcy filing, the price of Savient common stock fell
approximately 88%, from a close of $0.5737 per share on October 14, 2013 to a
close of $0.0716 on October 15, 2013 on extremely high trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than
March 24, 2014. A lead plaintiff is a representative party acting on behalf of
other class members in directing the litigation. In order to be appointed lead
plaintiff, the Court must determine that the class member’s claim is typical
of the claims of other class members, and that the class member will
adequately represent the class. Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead plaintiff.
Any member of the proposed class may move the court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and remain an
absent class member.
Rigrodsky & Long, P.A., with offices in Wilmington, Delaware and Garden City,
New York, regularly litigates securities class, derivative and direct actions,
shareholder rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware Court
of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
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