NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired Synergy Pharmaceuticals, Inc. (NASDAQ: SGYP) securities between September 5 , 2017 and November 14, 2017 (the “Class Period”). Investors have until April 10, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On September 5, 2017, Synergy revealed that it had closed on a “non-dilutive” $300 million loan from CRG Partners III L.P., which would be available to the Company "when needed" to fund its operations through 2019. On November 14, 2017, Synergy divulged that the loan agreement terms, which were not previously disclosed, prevented the Company from accessing $200 million of the loan without conducting a dilutive secondary offering or offerings of shares to raise cash, and therefore, Synergy was conducting a secondary offering of its shares.
Following this news, the stock price of Synergy fell $0.39 per share, or almost 16%, to close at $2.03 per share on November 14, 2017.
If you purchased or otherwise acquired Synergy securities and suffered a loss, continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Synergy Pharmaceuticals, Inc. lawsuit, please go to http://www.bespc.com/synergy. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.