Case Page

 

Case Status:    ONGOING    
On or around 06/25/2018 (Ongoing date of last review)

Filing Date: February 08, 2018

According to the Complaint, Synergy is a biopharmaceutical company focused on development and commercialization of therapies to treat Gastro-Intestinal disorders and diseases.

According to the law firm press release, on September 5, 2017, the Defendants issued a press release announcing that Synergy closed on a "non-dilutive" $300 million loan from CRG Partners III L.P., which would be available to Synergy "when needed" and fund the Company's operations through 2019. On November 14, 2017, the end of the Class Period, Synergy revealed that terms of the loan agreement, omitted from Defendants' prior statements regarding the loan, prevented it from accessing $200 million of the loan without conducting a dilutive secondary offering or offerings of shares to raise cash and, as such, the Company was conducting a secondary offering of its shares. Thus, contrary to Defendants' statements at the beginning of the Class Period, the loan was not available to Synergy "when needed," would result in dilution of the outstanding shares, and would not be sufficient to fund the Company's operations through 2019, without dilution. On the news, Synergy's share price plunged, trading as low as $1.68 per share, thereby injuring Class members.

On June 22, 2018, the Court issued an order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases shall be identified as "In re Synergy Pharmaceuticals, Inc. Securities Litigation." Lead Plaintiff filed a consolidated amended Complaint on August 31.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SGYP
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. New York
DOCKET #: 18-CV-00873
JUDGE: Hon. Ann M Donnelly
DATE FILED: 02/08/2018
CLASS PERIOD START: 09/05/2017
CLASS PERIOD END: 11/14/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 18-CV-00873
JUDGE: Hon. Ann M Donnelly
DATE FILED: 08/31/2018
CLASS PERIOD START: 11/10/2016
CLASS PERIOD END: 11/13/2017
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Faruqi & Faruqi LLP (New York)
    685 3rd Avenue 26th Floor, Faruqi & Faruqi LLP (New York), NY
    212..983.9330 212..983.9331 ·
  2. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
No Document Title Filing Date