LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Synergy Pharmaceuticals Inc. (“Synergy” or “the Company”) (NASDAQ: SGYP) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between September 5, 2017 and October 25, 2018, inclusive (the “Class Period”), are encouraged to contact the firm before April 12, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Synergy’s lead product, TRULANCE, was performing poorly and the Company’s revenues were not sufficient to meet the minimum requirements for the senior secured loan from CRG Partners III L.P. Due to its expenses and lack of revenue, the Company was not likely to meet the capital requirements of the loan. Synergy’s relationship with CRG was not “very collaborative” and the lender was not willing to materially amend the loan. No alternative financing arrangement has emerged to save Synergy. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Synergy, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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