NEW YORK, Dec. 2, 2008 (GLOBE NEWSWIRE) -- Attorney Advertising. The law firm of Bull & Lifshitz, LLP is investigating possible illegal conduct as alleged in a proposed class action lawsuit filed in the United States District Court for the Southern District of New York against Savient Pharmaceuticals, Inc. (Nasdaq:SVNT) ("Savient" or the "Company") and certain of Savient's officers and directors for violations of the Securities Exchange Act of 1934. The lawsuit is brought on behalf of all purchasers of common stock from December 13, 2007 through October 24, 2008 (the "Class Period").
According to the class action complaint, 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.
Savient is a Delaware corporation with its principal executive offices located in East Brunswick, New Jersey. 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.
If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com. Please visit the Bull & Lifshitz, LLP website (http://www.nyclasslaw.com) for more information about the firm.
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