3rd Circuit Affirms Dismissal Of Savient Class Action

Law360, New York (July 7, 2008, 12:00 AM EDT) -- A federal appeals court has upheld the dismissal of a consolidated class action securities lawsuit charging that Savient Pharmaceuticals Inc. and three of its former officers defrauded investors by overstating both the company’s financial results and the appeal of its weight-gain drug Oxandrin.

On July 2, the U.S. Court of Appeals for the Third Circuit ruled that the U.S. District Court for New Jersey acted correctly in finding that the second amended complaint “failed to adequately plead scienter.”

"This is a case in which we need...
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