Synergy Pharmaceuticals Inc. The Law Offices of Vincent Wong announce that class action lawsuits have been commenced in the United States District Court for the Eastern District of New York on behalf of investors who purchased Synergy Pharmaceuticals Inc. (“Synergy”) (NASDAQ: SGYP) securities between November 10, 2016 and November 14, 2017.
According to the complaints, throughout the Class Period, the Company issued materially false and misleading statements and/or failed to disclose that: (1) the loan from CRG Partners III L.P. (“CRG Loan”) did not fund Synergy’s operations through 2019; (2) the Company could not access the second tranche of $100 million financing on or before February 28, 2018 without issuing dilutive equity; and (3) the Company could not access the third tranche of the CRG Loan if and when needed because terms were required to be met in order to access those tranches. On September 5, 2017, Synergy issued a press release announcing it had closed on a “non-dilutive” $300 million loan from CRG Partners III L.P., which would be available to Synergy “when needed” and fund the Company’s operations through 2019. On November 14, 2017, Synergy revealed that terms of the loan agreement, omitted from prior statements regarding the loan, prevented it from accessing $200 million of the loan without conducting a dilutive secondary offering or offerings of shares to raise cash and, as such, the Company was conducting a secondary offering of its shares.
“Synergy Pharmaceuticals Inc.”
If you suffered a loss in Synergy you have until April 10, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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