The original complaints were filed in December 2002, and January, 2003, against Bio-Technology General Corporation, now known as Savient Pharmaceuticals, on behalf of investors who had purchased shares of Bio-Technology General from April 19, 1999, through to August 2, 2002.
The complaints alleged that these investors had been defrauded when the company filed restated year-end and quarterly reports of its earnings and related financial statements for the years 1999, 2000 and 2001.
“We are pleased with the court’s decision as this is the second ruling by the court in favor of dismissing the plaintiffs’ complaint and, we believe, supports our long-standing position that the lawsuits were without merit,” said Christopher Clement, CEO of Savient Pharmaceuticals.
The court’s decision to dismiss the complaints is based on the plaintiff’s continued failure to set forth particularized facts, which give rise to a strong inference that the defendants acted with intent to defraud, recklessness or a conscious disregard of the truth. The plaintiffs have the right to file an appeal.