SAN FRANCISCO, Feb. 14, 2018 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Synergy Pharmaceuticals, Inc. (NASDAQ:SGYP) to the securities class action pending in the United States District Court for the Eastern District of New York and to the April 10, 2018 Lead Plaintiff deadline. If you purchased or otherwise acquired SGYP securities between September 5, 2017 and November 14, 2017 and suffered losses, contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/SGYP
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
The complaint charges Defendants with making false or misleading statements about the terms of a $300 million senior secured loan to Synergy from CRG Partners III L.P. More specifically, the Complaint charges Defendants falsely described this financing as non-dilutive to shareholders on September 5, 2017.
When Synergy filed the CRG loan agreement with the SEC on November 9, 2017, it revealed that the financing would likely be dilutive to shareholders. In response to this news, the price of Synergy shares fell $0.25, or about 8.4%, to close at $2.72 on November 10, 2017.
On November 14, 2017, Synergy filed a prospectus for the issuance of nearly 22 million shares and warrants to purchase nearly 22 million shares. In response, the price of Synergy shares fell $0.14, or about 6.9% to close at $1.89 on November 15, 2017.
“We’re focused on the Defendants’ statements about the financing’s impact on equity investors that, if false, damaged them,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Synergy Pharmaceuticals should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SGYP@hbsslaw.com.
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Contact:
Reed Kathrein, 510-725-3000