Savient Pharma (SVNT) Gets Favorable Decision Related to Tang Capital Litigation
- Top 10 News for 12/15 - 12/19: Russia Raises Rates, Ruble Retreats; U.S., Cuba Get Friendly; Sony Crumbles Under Pressure
- BlackBerry (BBRY) Posts Surprise Q3 Profit; Reports 100% Sequential Growth in BES10 Licenses
- Facebook's (FB) Instagram is Bigger and Better than Twitter (TWTR), Should Be Worth $35 Billion - Citi
- Nike (NKE) Tops Q2 EPS by 4c; Adjusted Futures Orders Rose 11%
- Fed's Williams Says June Good Time to Consider 'Lift-Off'
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
- VirnetX Holding (VHC), Microsoft Settle Pending Patent Disputes
- Orexigen Therapeutics' (OREX) Mysimba Receives Positive CHMP Opinion for Marketing Approval
- Cyanotech Corp (CYAN) Reports Resolution of U.S. Nutraceuticals Litigation
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!