Investor News: Lawsuit against Synergy Pharmaceuticals Inc (NASDAQ:SGYP) filed

An investor in NASDAQ:SGYP shares filed a lawsuit against Synergy Pharmaceuticals Inc over alleged violations of Federal Securities Laws.

Investors who purchased shares of Synergy Pharmaceuticals Inc (NASDAQ:SGYP) have certain options and for certain investors are short and strict deadlines running. Deadline: April 10, 2018. NASDAQ:SGYP investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

On September 5, 2017, Synergy Pharmaceuticals Inc announced that Synergy Pharmaceuticals Inc 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.

The plaintiff alleges that on November 14, 2017, Synergy Pharmaceuticals Inc revealed that terms of the loan agreement, omitted from Defendants’ 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.
Furthermore, the plaintiff says that contrary to Defendants’ statements in early September 2017, the loan was not available to Synergy “when needed,” would result in dilution of the outstanding shares, and would not be sufficient to fund the Company’s operations through 2019, without dilution.

Those who purchased shares of Synergy Pharmaceuticals Inc (NASDAQ:SGYP) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com