World News: 22:29 GMT Monday 11th February 2019. [Wolf Haldenstein Adler Freeman & Herz LLP via Globe Newswire via SPi World News]
NEW YORK, Feb. 11, 2019 (GLOBE NEWSWIRE) -- announces that a federal class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of those who acquired Synergy Pharmaceuticals Inc., (“Synergy” or the “Company”) (NASDAQ: SGYP) securities between September 7, 2017 through October 25, 2018, inclusive (the “Class Period”) against certain of the Company’s executives and officers. This action is captained ., No. 1:19-cv-00825.
If you have incurred losses in the shares of Synergy during the Class Period, , request that the Court appoint you lead plaintiff of the proposed class. Please contact to learn more about your rights as an investor in Synergy.
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The filed Complaint alleges that Defendants violated the Securities Exchange Act of 1934 by misrepresenting and/or failing to disclose that:
On October 25, 2018, Defendants revealed that Synergy’s strategic review process had failed to yield offers other than those significantly below the Company’s market value and similarly failed to produce any partnership opportunities. Further, Defendants disclosed that efforts to renegotiate the senior secured loan with CRG had proven unsuccessful and due to TRULANCE’s poor performance, the Company was likely to be in breach of several covenants of the senior secured loan and thus, default on the loan.
On this news, the price of Synergy shares fell $0.97 from $1.40 per share on October 25, 2018, to close at $0.43 per share on October 26, 2018.
After the Class Period, on December 12, 2018, Synergy announced that it voluntarily filed for Chapter 11 bankruptcy.
Plaintiff seeks to recover damages on behalf of all purchasers of Synergy publicly traded securities during the Class Period. The Plaintiff is represented by . has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact by telephone at (800) 575-0735, via e-mail at , or visit our website at .
Wolf Haldenstein Adler Freeman & Herz LLPGregory Stone, Director of Case and Financial AnalysisPatrick Donovan, Esq.Email: , or Tel: (800) 575-0735 or (212) 545-4774
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Globe Newswire: 22:29 GMT Monday 11th February 2019
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