2nd Circ. Quashes Savient Investor's Class Action

Law360, New York (January 17, 2012, 9:15 PM EST) -- The Second Circuit on Friday backed the dismissal of a putative securities fraud class action accusing Savient Pharmaceuticals Inc. of misleading investors by holding back reports of adverse reactions to its gout drug pegloticase.

Savient investor Lawrence Koncelik failed to show conscious misbehavior or recklessness on the part of the company in failing to quickly disclose that five patients had serious cardiovascular incidents while taking pegloticase in trials, the appeals court said in a summary order. The drug is intended to treat gout in sick, treatment-resistant...
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