Savient Pharma (SVNT) Gets Favorable Decision Related to Tang Capital Litigation
- Wall St ends flat; Disney, retailers dip on sales worries
- Why Martin Shkreli ONLY Cares About KaloBios Pharma's (KBIO) Stock Price
- China stocks tumble most since summer slump as brokerage probe widens
- FBR Capital's Ives Sees Growing Apple Watch Interest (AAPL)
- Target (TGT) Notes Strong Black Friday Sales Start; Apple, Giant Stuffed Teddy Bear Lead Charge
Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced that the Delaware Court of Chancery has issued a bench ruling granting both of Savient's motions in the lawsuit brought against the Company by Tang Capital Partners, LP and certain other holders of Savient's convertible notes. The Court of Chancery decided that the plaintiff noteholders do not have standing to bring an action to appoint a receiver for Savient and that an event of default has not occurred under Savient's convertible notes. The Court has not yet come to a conclusion on the plaintiff's claims for breach of fiduciary duty and waste. Savient continues to believe that all outstanding claims alleged by the plaintiffs are without merit, and intends to vigorously defend this lawsuit to its completion. The Court of Chancery's decision is subject to appeal by the plaintiffs. In addition, Savient's claim for damages against Tang Capital remains outstanding.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Abengoa (ABGB) Files Communication Under Article 5 Bis of Insolvency Law
- Dr. Reddys Labs (RDY) Sinks Lower Following FDA Warning Letter
- Questar Corporation (STR) Announces Regulatory Approval to Add Natural Gas Properties Under Wexpro II Agreement
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News, Litigation
Related EntitiesTang Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!