LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP GPM continues its investigation on behalf of Synergy Pharmaceuticals Inc. Investors (“Synergy” or the “Company”) (NASDAQ: SGYP) investors concerning the Company and its officers’ possible violations of federal securities laws. To obtain information or aid in the investigation, please visit the Synergy investigation page on our website at www.glancylaw.com/case/synergy-pharmaceuticals-inc.
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 revealed the loan agreement terms, that was 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. Consequently, the loan was not available to Synergy "when needed," and would result in dilution of the outstanding shares, and would not be sufficient to fund operations through 2019, without dilution. On this news, shares of Synergy fell significantly, thereby injuring investors.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased Synergy securities, 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.