This is a securities fraud class action against Savient Pharmaceuticals, Inc.
Savient is a specialty biopharmaceutical company focused on developing and marketing pharmaceutical products that target unmet medical needs. Savient 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 class action complaint alleges Savient made false and misleading statements about two clinical trials of pegloticase called GOUT 1 and GOUT 2. Savient failed to disclose five serious adverse events (SAEs) experienced by patients in those studies. Subsequently, on October 27, 2008, before the markets opened, Savient 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.
Name (Stock Symbol)
Savient Pharmaceuticals, Inc. (SVNT)
Savient Pharmaceuticals, Inc. is a pharmaceutical company.
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