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Savient Pharmaceuticals, Inc. (the "Company") today announced that it has been served with a creditor derivative action complaint filed by Tang Capital Partners, LP in the Court of Chancery of the State of Delaware against the Company and its current directors. The complaint alleges, among other things, that the Company is insolvent and that the Company's directors breached their fiduciary duties by taking certain actions that the complaint alleges were not in the best interests of the Company's creditors, including negotiating a potential financing transaction of which Tang Capital Partners is aware. The complaint seeks preliminary injunctions enjoining the potential transaction and the payment of retention awards to certain executives, appointment of a receiver of and for the Company, and compensatory damages. The Company believes that the claims alleged by Tang Capital Partners are without merit, and intends to defend this lawsuit vigorously. Additionally, the Company expects to continue to consider financing transactions that would improve its balance sheet.
Savient Pharmaceuticals, Inc. (the "Company") today announced that it has been served with a creditor derivative action complaint filed by Tang Capital Partners, LP in the Court of Chancery of the State of Delaware against the Company and its current directors. The complaint alleges, among other things, that the Company is insolvent and that the Company's directors breached their fiduciary duties by taking certain actions that the complaint alleges were not in the best interests of the Company's creditors, including negotiating a potential financing transaction of which Tang Capital Partners is aware. The complaint seeks preliminary injunctions enjoining the potential transaction and the payment of retention awards to certain executives, appointment of a receiver of and for the Company, and compensatory damages. The Company believes that the claims alleged by Tang Capital Partners are without merit, and intends to defend this lawsuit vigorously. Additionally, the Company expects to continue to consider financing transactions that would improve its balance sheet.