Savient Pharmaceuticals, Inc.

Pomerantz has been appointed Lead Counsel in a class action against Savient Pharmaceuticals, Inc. (Sagall et al v. Savient Pharmaceuticals, Inc. et al.) The case was filed in U.S. District Court, Southern District of New York on behalf of purchasers of the common stock of the Company during the period from December 13, 2007 to October 24, 2008, both dates inclusive. The docket number is 1:08-cv-10262-GEL.

The complaint filed alleges that during the class period, defendants issued materially false and misleading statements about two Phase 3 clinical trials of Puricase, a drug used for the treatment of gout, a disease caused by the buildup of uric acid in the blood resulting in painful swelling of the joints.

The complaint specifically alleges that on September 26, 2008, the Company disclosed that it failed to find a licensing partner for its drug even after several global biotechnology, pharmaceutical and specialty pharmaceutical companies entered into confidential agreements with the Company. Consequently, Savient was continuing "to evaluate strategic business development options for its lead product, pegloticase, as well as other strategic transactions that would maximize shareholder value." As a result, the price of Savient stock dropped $2.90 or 15%. On October 27, 2008, the Company reported results of its Phase 3 trials for the drug. Although the drug was found to be an effective treatment for gout, the latest results showed cardiovascular severe adverse events experienced by some patients. As a result of this disclosure, Savient's stock price fell $8.51, a one day decline of nearly 73.5%.