On behalf of 11 former directors and officers of Savient Pharmaceuticals, Skadden secured the dismissal of a putative securities class action claiming that, in the months leading up to Savient Pharmaceuticals' announcement that it would file voluntary Chapter 11 petitions, the company's public filings contained material misrepresentations and omissions concerning its cash projections and the board's evaluation of strategic alternatives. On August 20, Judge Gregory M. Sleet of the U.S. District Court for the District of Delaware dismissed the complaint with prejudice for failure to state an actionable misrepresentation or omission and, independently, for failure to allege facts giving rise to a strong inference that the defendants acted with scienter.
Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates