NEW YORK--(BUSINESS WIRE)--
Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Synergy Pharmaceuticals Inc. (SGYP) from September 5, 2017 through October 25, 2018, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Synergy investors under the federal securities laws.
To join the Synergy class action, go to http://www.rosenlegal.com/cases-register-1545.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) TRULANCE, Synergy’s lead product, was underperforming and Synergy’s revenues were insufficient to meet the minimum revenue requirements in the $300 million senior secured loan from CRG Partners III L.P. (the “CRG Loan”); (2) due to operating expenses and lack of revenues, Synergy was unlikely to meet the capital requirements in the CRG Loan; (3) due to Synergy’s lack of revenues and capital deficiency, Synergy was unlikely to have sufficient market capitalization to satisfy the minimum market capitalization requirements in the CRG Loan; (4) Synergy’s relationship with CRG was not “very collaborative” and CRG was unwilling to materially amend the CRG Loan to allow Synergy to become compliant based on its actual revenues; (5) Synergy’s strategic review had proven unsuccessful as no “white knight” or financing alternative had emerged to save Synergy; and (6) as a result of the foregoing, Synergy’s public statement were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 12, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1545.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013.