SOURCE: Izard Nobel LLP

November 26, 2008 16:19 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Savient Pharmaceuticals, Inc.

HARTFORD, CT--(Marketwire - November 26, 2008) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of those who purchased the common stock of Savient, Pharmaceuticals, Inc. ("Savient" or the "Company") (NASDAQ: SVNT) between December 13, 2007 and October 24, 2008, inclusive (the "Class Period").

The Complaint charges that Savient, and certain of its officers and directors violated federal securities laws. Savient, a pharmaceutical company, 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 Complaint alleges that during the Class Period, defendants made false and misleading statements about two clinical trials of pegloticase called GOUT 1 and GOUT 2. Specifically, defendants 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.

If you are a member of the class, you may, no later than January 26, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail at firm@izardnobel.com, or visit our website: www.izardnobel.com.

Contact Information