Rigrodsky & Long, P.A. Files Securities Fraud Class Action Lawsuit Against Certain Executives And Directors Of Savient Pharmaceuticals, Inc. Business Wire WILMINGTON, Del. -- January 21, 2014 Rigrodsky & Long, P.A.: *Do you, or did you, own shares of Savient Pharmaceuticals, Inc. (OTC QB: SVNTQ)? *Did you purchase your shares between April 1, 2013 and October 14, 2013, inclusive? *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 email@example.com, or at: http://www.rigrodskylong.com/news/savient-pharmaceuticals-inc-svntq. 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. Bankruptcy Code. 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. Contact: Rigrodsky & Long, P.A. Timothy J. MacFall, Esquire Peter Allocco 888-969-4242 516-683-3516 Fax: 302-654-7530 firstname.lastname@example.org http://www.rigrodskylong.com
Rigrodsky & Long, P.A. Files Securities Fraud Class Action Lawsuit Against Certain Executives And Directors Of Savient
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