Synergy Pharmaceuticals Inc. Securities Litigation
On or around 02/12/2019 (Ongoing date of last review)
Filing Date: February 11, 2019
The Complaint alleges that Defendants violated the Securities Exchange Act of 1934 by misrepresenting and/or failing to disclose that: the Company’s launch of its primary product TRULANCE was not as successful as represented and as a result, revenues from TRULANCE underwhelmed; Synergy faced substantial risk that it would not be able to satisfy various covenants in its senior secure loan from CRG Partners III L.P. (“CRG”) due to the Company’s poor launch of TRULANCE and its underwhelming performance; Synergy’s relationship with CRG had soured and CRG was no longer willing to collaborate or be flexible with respect to requirements of the senior secure loan; and the Company’s strategic review had failed to yield a “white knight” or financing alternative and as a result, the Company was likely to default and enter into bankruptcy.
Company & Securities Information
Defendant: Synergy Pharmaceuticals Inc.
Industry: Biotechnology & Drugs
Headquarters: United States
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.
First Identified Complaint
Gary McMullen, et al. v. Synergy Pharmaceuticals Inc., et al.
COURT: E.D. New York
DOCKET #: 19-CV-00825
JUDGE: Hon. Kiyo A. Matsumoto
DATE FILED: 02/11/2019
CLASS PERIOD START: 09/07/2017
CLASS PERIOD END: 10/25/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
Wolf Haldenstein (New York) 270 Madison Avenue, Wolf Haldenstein (New York), NY 10016 (212) 545-4600 ·
First Identified Complaint (FIC) Filings:
Class Action Complaint for Violations of the Federal Securities Laws
U.S. District Court Civil Docket
—Reference Complaint Complaint Related Data is not available
Related District Court Filings
—Related District Court Filings Data is not available