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 & Lead Plaintiff Deadline: April 10, 2018 - EconoTimes)
NEW YORK, April 10, 2018 -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Synergy Pharmaceuticals Inc. ("Synergy" or the "Company") (NASDAQ:SGYP) and certain of its officers, on behalf of shareholders who purchased Synergy securities during the period between September 5, 2017 and November 14, 2017, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/sgyp.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
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 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, contrary to Defendants' previous statements at the beginning of the Class Period, the loan was not available to Synergy "when needed," would result in dilution of the outstanding shares, and would not be sufficient to fund operations through 2019, without dilution. Following the news, Synergy stock dropped as low as $1.68 per share.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/sgyp or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Synergy you have until April 10, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
