Synergy Pharmaceuticals, Inc. (NASDAQ: SGYP)

DEFENDANT NAME: Synergy Pharmaceuticals, Inc.
STOCK SYMBOL: NASDAQ: SGYP
CASE NUMBER:
COURT: U.S. District Court for the Eastern District of New York
PRACTICE AREA: Investor Fraud
STATUS: Investigation
CLASS PERIOD: November 10, 2016 - November 14, 2017
LEAD PLAINTIFF DEADLINE: April 10, 2018
DATE FILED:
COURT LOCATION:
RELATED DOCUMENTS:
CONTACT:
510-725-3000 SGYP@hbsslaw.com

Hagens Berman Sobol Shapiro LLP alertss investors in Synergy Pharmaceuticals Inc. (NASDAQ: SGYP) to the expanded class period and the April 10, 2018 Lead Plaintiff Deadline in the pending securities class action in the U.S. District Court for the Eastern District of New York concerning loan disclosures.

If you purchased or otherwise acquired securities of SGYP between November 10, 2016 and November 14, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP.  For more information contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing SGYP@hbsslaw.com.

The complaint charges defendants with falsely describing the terms of a $300 million senior secured loan to Synergy as non-dilutive to shareholders.

However, when Synergy disclosed the loan agreement in an SEC filing on November 9, 2017, its terms revealed that the loan would likely be dilutive.  This news drove the price of Synergy shares down $0.25, or about 8.4%, to close at $2.72 on November 10, 2017.

Then, on November 14, 2017, Synergy filed a prospectus for the issuance of nearly 22 million shares and warrants to purchase nearly 22 million shares.  This news drove the price of Synergy shares down $0.14, or about 6.9% to close at $1.89 on November 15, 2017.

“We’re focused on the defendants’ statements about the financing’s impact on investors that, if false, damaged them,” said Hagens Berman partner Reed Kathrein.

Whistleblowers:  Persons with non-public information regarding Synergy Pharmaceuticals should consider their options to help in the investigation or take advantage of the SEC Whistleblower program.  Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC.  For more information, call Reed Kathrein at 510-725-3000 or email SGYP@hbsslaw.com.


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