CASES
Dendreon Corporation
Class Period: Jan 7, 2011 to Aug 3, 2011
Lead Plaintiff Deadline: Oct 3, 2011 + Deadline passed
Summary of Case:
A securities class action has been filed against Dendreon Corporation ("Dendreon" or the "Company") on behalf of all those who purchased or otherwise acquired the securities of Dendreon between January 07, 2011 to August 03, 2011. This case has been filed in the USDC - Washington (Western).
The Complaint alleges that Dendreon and certain of its officers made a series of materially false and misleading statements related to the Company's business and operations in violation of the Securities Exchange Act of 1934. The Complaint alleges that on August 3, 2011, after the close of trading, Dendreon revealed financial and operational results, well below analysts' expectations - and significantly lowered 2011 guidance. Following this release, shares of the Company fell over 60%, or over $22.00 per share, to reach a multi-year low of $13.39 per share when trading opened on August 4, 2011. Shares close down to $11.69, for a combined decline of over 67% from the prior day's close. According to the Wall Street Journal, "Chief Executive Mitchell Gold said Wednesday that the launch of the drug will have a 'more gradual trajectory' than previously expected because of 'reimbursement knowledge' related to the drug. That means that the process of getting reimbursed is difficult enough for doctors that it is discouraging use of the treatment."
If you purchased this company's shares during the Class Period and suffered a loss or for further information about the case, please review the links below.