BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith commences an investigation on behalf of Synergy Pharmaceuticals Inc. (“Synergy” or the “Company”) (NASDAQ: SGYP) investors concerning the Company and its officers’ possible violations of federal securities laws.
On September 5, 2017, Synergy stated that it obtained a “non-dilutive” $300 million loan from CRG Partners III L.P., to be available “when needed” to fund operations through 2019.
However, on November 14, 2017, Synergy disclosed (1) that the loan terms prevented the Company from accessing $200 million of the loan unless Synergy conducted a dilutive secondary offering, and (2) that Synergy was conducting a secondary offering to satisfy the term. As such, the loan was not available to Synergy “when needed,” and would result in dilution. On this news, shares of Synergy fell significantly, thereby injuring investors.
If you purchased Synergy, have information or 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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