Savient Pharmaceuticals 8-K 2012
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
(Amendment No. 1)
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): July 26, 2012 (June 4, 2012)
SAVIENT PHARMACEUTICALS, INC.
(Exact Name of Registrant as Specified in Charter)
Registrants telephone number, including area code: (732) 418-9300
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
This Amendment No. 1 to the Current Report on Form 8-K filed by Savient Pharmaceuticals, Inc. (the Company) on June 8, 2012 (the Prior 8-K) is being filed to provide additional information to the Prior 8-K in response to a recent decision by the Delaware Court of Chancery.
On July 23, 2012, the Delaware Court of Chancery issued a bench ruling in the previously disclosed litigation against the Company by Tang Capital Partners, LP and certain other holders of the Companys convertible notes, stating that (i) an event of default has not occurred under the indenture governing the convertible notes, and (ii) the plaintiff holders of convertible notes lack standing to bring an action to appoint a receiver for the Company. The Court has not yet come to a conclusion on the plaintiffs claims for breach of fiduciary duty and waste. The Court of Chancerys decision is subject to appeal by the plaintiffs.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.