LOS ANGELES, CA / ACCESSWIRE / February 17, 2018 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Synergy Pharmaceuticals Inc. ('Synergy' or 'the Company') (NASDAQ: SGYP) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between September 5, 2017 and November 14, 2017, inclusive (the 'Class Period'), are encouraged to contact the firm before April 10, 2018, the lead plaintiff motion deadline.
If you are a shareholder who suffered a loss during the Class Period, click here to participate.
We also encourage you to contact Brian Schall, or Sherin Mahdavian, of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the complaint, on September 5, 2017, Synergy announced it had closed on a 'non-dilutive' $300 million loan from CRG Partners III L.P., which would be available to Synergy 'when needed' to fund its operations through 2019. The lawsuit further claims that on November 14, 2017, Synergy revealed that the loan agreement terms, which were not previously disclosed, prevented Synergy from accessing $200 million of the loan without conducting a dilutive secondary offering or offerings of shares to raise cash, and thus, Synergy was conducting a secondary offering of its shares.
The Schall Law Firm represents investors around the world, and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.
Sherin Mahdavian, Esq.
Schallfirm.com
SOURCE: The Schall Law Firm
