Savient Pharmaceuticals, Inc. Announces Second Amended Complaint in Purported Class Action Lawsuit
2005年10月22日 - 7:30AM
ビジネスワイヤ(英語)
Savient Pharmaceuticals, Inc. (NASDAQ: SVNTE), a specialty
pharmaceutical company dedicated to developing, manufacturing and
marketing novel therapeutic products that address unmet medical
needs, announced today that the plaintiffs in the Consolidated
Amended Class Action lawsuit, filed on December 20, 2002 against
the Company and three of its former officers, have filed a Second
Amended Complaint. As previously announced by the Company on August
15, 2005, the United States District Court for the District of New
Jersey dismissed, without prejudice and with leave to file an
amended Consolidated Complaint, the previous Consolidated Amended
Class Action lawsuit which was filed against Bio-Technology General
Corporation (BTG), now known as Savient Pharmaceuticals, Inc. The
Court's August 2005 decision was based, in part, on the failure of
the complaint by the plaintiffs, investors who purchased shares of
BTG during the Class Period of April 19, 1999 through August 2,
2002, to set forth particularized facts that give rise to a strong
inference that the defendants acted with scienter (the required
state of mind), had a motive to commit fraud upon the subject
investors or acted with conscious disregard of the truth or
recklessness. The Company intends to continue its vigorous defense
against plaintiffs' allegations in this matter. About Savient
Pharmaceuticals, Inc. Based in East Brunswick, New Jersey, Savient
Pharmaceuticals, Inc. is a specialty pharmaceutical company
dedicated to developing, manufacturing and marketing novel
therapeutic products that address unmet medical needs. The
Company's lead product development candidate, Puricase(R), for the
treatment of refractory gout has reported positive Phase 1 and 2
clinical data. Savient's experienced management team is committed
to advancing its pipeline and expanding its product portfolio by
in-licensing late stage compounds and exploring co-promotion and
co-development opportunities that fit the Company's expertise in
specialty pharmaceuticals and initial focus in rheumatology. The
Company's operations also include a wholly-owned U.K. subsidiary,
Rosemont Pharmaceuticals Ltd., which develops, manufactures and
markets liquid formulations of prescription pharmaceutical
products. Rosemont's product portfolio includes over 90 liquid
formulations primarily targeting the geriatric population. Further
information on the Company can be accessed by visiting
www.savientpharma.com. Safe Harbor Statement This news release
contains forward-looking statements within the meaning of Section
21E of the Securities Exchange Act of 1934. All statements, other
than statements of historical facts, included in this report
regarding the Company's strategy, expected future financial
position, discovery and development of products, strategic
alliances, competitive position, plans and objectives of management
are forward-looking statements. Words such as "anticipate,"
"believe," "estimate," "expect," "intend," "plan," "will" and other
similar expressions help identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. In particular, the statements regarding the
outcome of the Company's defense of the Second Amended Consolidated
Class Action lawsuit are forward-looking statements. These
forward-looking statements involve substantial risks and
uncertainties and are based on current expectations, assumptions,
estimates and projections about the Company's business and the
biopharmaceutical and specialty pharmaceutical industries in which
the Company operates. Such risks and uncertainties include, but are
not limited to, delay or failure in developing Prosaptide, Puricase
and other product candidates; difficulties of expanding the
Company's product portfolio through in-licensing; introduction of
generic competition for Oxandrin; fluctuations in buying patterns
of wholesalers; potential future returns of Oxandrin or other
products; our continuing to incur substantial net losses for the
foreseeable future; difficulties in obtaining financing; potential
development of alternative technologies or more effective products
by competitors; reliance on third-parties to manufacture, market
and distribute many of the Company's products; economic, political
and other risks associated with foreign operations; risks of
maintaining protection for the Company's intellectual property;
risks of an adverse determination in on-going or future
intellectual property litigation; and risks associated with
stringent government regulation of the biopharmaceutical and
specialty pharmaceutical industries. The Company may not actually
achieve the plans, intentions or expectations disclosed in its
forward-looking statements, and you should not place undue reliance
on the Company's forward-looking statements. Actual results or
events could differ materially from the plans, intentions and
expectations disclosed in the forward-looking statements that the
Company makes. The Company's forward-looking statements do not
reflect the potential impact of any future acquisitions, mergers,
dispositions, joint ventures or investments that the Company may
make. The Company does not assume any obligation to update any
forward-looking statements.
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