Savient endocrine/metabolic news

Savient disclosed in an SEC filing that creditor Tang Capital Partners filed a complaint in the Delaware Court of Chancery alleging that Savient is insolvent. Tang claims the company's directors have breached their fiduciary duties by taking actions that are not in the best interest of the company's creditors, including negotiating a potential financing. In April, Savient filed a shelf registration covering the sale of up to $100 million of its securities. The complaint seeks the appointment of a receiver and compensatory damages, as well as preliminary injunctions against the potential financing and the payment of retention awards to executives. Savient said the claims are without merit. ...