San Diego, CA -- (SBWIRE) -- 01/27/2014 -- An investor, who purchased shares of Savient Pharmaceuticals Inc (OTCMKTS:SVNTQ), filed a lawsuit in the U.S. District Court for the District of Delaware against certain executives and directors Of Savient Pharmaceuticals Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between April 1, 2013 and October 14, 2013.

Investors who purchased a significant amount of shares of Savient Pharmaceuticals Inc (OTCMKTS:SVNTQ) between April 1, 2013 and October 14, 2013, have certain options and for certain investors are short and strict deadlines running. Deadline: March 24, 2014. Savient Pharmaceuticals Inc investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Savient Pharmaceuticals Inc (OTCMKTS:SVNTQ) between April 1, 2013 and October 14, 2013, that certain of its officers and directors violated the Securities Exchange Act of 1934. More specifically, the plaintiff claims that the defendants allegedly concealed from the investing public that: Savient Pharmaceuticals Inc lacked the sufficient cash and cash equivalents to fund anticipated levels of operations, which ultimately lead to the Company filing voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code, that Savient Pharmaceuticals Inc allegedly mislead investors by actively exploring the sale of the Company despite insisting its intention to proceed with efforts to commercialize its chief drug, KRYSTEXXA, in the United States and to explore partnership opportunities in the EU and other jurisdictions, and that as a result of the foregoing, the Company’s stock traded at artificially inflated prices April 1, 2013 and October 14, 2013.

Savient Pharmaceuticals Inc (OTCMKTS:SVNTQ) reported that its annual Total Revenue rose from $2.96 million in 2009 to as high as $18.02 million in 2012 while its Net Loss increased from $90.85 million in 2009 to $118.31 million in 2012.

On October 15, 2013, Savient Pharmaceuticals Inc announced that it had elected to file voluntary petitions for reorganization under Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware.

Shares of Savient Pharmaceuticals Inc (OTCMKTS:SVNTQ) declined from almost $23 per share in September 2010 to as low as $0.0080 per share on January 24, 2014.

Those who purchased shares of Savient Pharmaceuticals Inc (OTCMKTS:SVNTQ) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com