Savient claims appeals court decision

EAST BRUNSWICK, N.J. (AP) - Savient Pharmaceuticals Inc. said Thursday an appeals court upheld a lower court's decision to dismiss a class action lawsuit against the drug developer, originally filed in 2002 and alleging fraud. The U.S. Court of Appeals for the Third Circuit affirmed the decision of the U.S. District Court for the District of New Jersey in dismissing the lawsuit with prejudice, which means evidence was presented to the court. The lawsuit claimed investors who bought shares of Bio-Technology General Corp., Savient's predecessor, between April 19, 1999, and Aug. 2, 2002, were defrauded when the company filed restated year-end and quarterly reports. Those restated reports covered the years 1999, 2000... [read full story]