NEW YORK--(BUSINESS WIRE)-- Bernstein Liebhard LLP today announced that a class action has been commenced in the United States District Court for the Northern District of California on behalf of purchasers (the “Class”) of Medivation, Inc. (NASDAQ: MDVN) (“Medivation” or the “Company”) common stock during the period of July 17, 2008 and March 2, 2010, inclusive (the “Class Period”). Defendants are Medivation, David T. Hung, C. Patrick Machado, Lynn Seely and Rohan Palekar.
Medivation is a biopharmaceutical company which focuses on the development of small molecule drugs for the treatment of Alzheimer's disease, Huntington's disease, and castration-resistant prostate cancer.
Plaintiffs allege Defendants violated the Securities Exchange Act of 1934, specifically, that during the Class Period, defendants made false and misleading statements regarding the Company's drug Dimebon. Throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public about the effectiveness of Dimebon as a treatment for Alzheimer's disease, making it impossible for shareholders to gain a meaningful or realistic understanding of the drug's progress toward FDA approval and market success.
On March 3, 2010, before the market opened, defendants were forced to publicly disclose that Dimebon did not meet primary and secondary goals in a Phase 3 trial for patients with mild to moderate Alzheimer's disease. As a result of this news, Medivation's stock plummeted $27.15 per share to close at $13.10 per share on March 3, 2010 – a one-day decline of 67% on volume of 45 million shares.
Plaintiffs seek to recover damages on behalf of all Class members who purchased or otherwise acquired shares of Medivation during the Class Period. If you purchased or otherwise acquired Medivation shares during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than May 10, 2010.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard has pursued hundreds of securities and consumer cases and recovered approximately $2 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last seven years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the Northern District of California.
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