Gilman and Pastor, LLP Announces a Securities Fraud Class Action Lawsuit Has Been Filed Against Dendreon Corporation on Behalf of Stock Owners/Investors and Urges Investors to Inquire as to the Class Action Lawsuit Prior to the October 3, 2011 Lead Plaintiff Deadline
August 25, 2011
BOSTON, MA – Gilman and Pastor, LLP announces that a lawsuit seeking class action status has been filed in the United States District Court for the Western District of Washington at Seattle on behalf of the purchasers of Dendreon Corporation (“Dendreon” or the “Company”) (NASDAQ: DNDN) who purchased shares between January 7, 2011 and August 3, 2011, inclusive (the “Class Period”).
The Complaint alleges that Dendreon violated federal securities laws by failing to disclose the following facts: (i) Dendreon knew or deliberately disregarded the fact that financial forecasts regarding the immediate adoption of the Company’s cancer drug Provenge were dramatically inflated, particularly in light of the fact that the Company had not provided physicians with financing options; (ii) Dendreon lacked adequate systems of internal operational or financial controls; and (iii) Dendreon executives repeatedly issued false and misleading statements to the investment community regarding Provenge, leading investors to believe that the medical community would quickly adopt the drug to treat prostate cancer.
As a result of Defendants’ misleading statements, shares of DNDN traded at artificially high price levels. On August 3, 2011, Dendreon issued a press release announcing financial and operational results well below analyst expectations, and significantly lowered guidance for 2011. Consequently, shares of DNDN dropped more than 60%.
If you purchased or otherwise acquired DNDN shares during the Class Period, between January 7, 2011 and August 3, 2011, and either lost money on the transaction or still hold the shares, you may contact Gilman and Pastor by no later than October 3, 2011 to discuss your rights, including as to the recovery of your losses, or to obtain additional information, at www.investment-losses.com, by email at firstname.lastname@example.org or by calling toll-free (888)252-0048.