| Company: | Savient Pharmaceuticals, Inc |
| Ticker Symbol: | SVNT |
| Class Period: | Dec-13-07 to Oct-24-08 |
| Date Filed: | Nov-25-08 |
| Lead Plaintiff Deadline: | Jan-24-09 |
| Court: | Southern District of New York |
| Allegations: | |
The complaint charges Savient and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Savient is a specialty biopharmaceutical company focused on developing and marketing pharmaceutical products that target unmet medical needs. The Company is developing Puricase, also referred to as pegloticase, for the control of uric acid in patients with gout, whose signs and symptoms are inadequately controlled by conventional urate lowering therapy due to ineffectiveness, dose limiting toxicity, hypersensitivity or other contraindications.
The complaint alleges that during the Class Period, defendants made false and misleading statements about two clinical trials of pegloticase called GOUT 1 and GOUT 2. Specifically, defendants failed to disclose five serious adverse events (SAEs) experienced by patients in those studies. Subsequently, on October 27, 2008, before the markets opened, the Company issued a press release that disclosed, among other things, the previously undisclosed SAEs. As a result of this disclosure, Savient?s stock price declined significantly.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
