SEATTLE--(BUSINESS WIRE)-- Seattle-based Hagens Berman Sobol Shapiro LLP (“Hagens Berman”) (http://www.hbsslaw.com) reminded investors today that it filed a class-action lawsuit last week in the United States District Court for the Western District of Washington on behalf of shareholders of common stock of Dendreon Corp. (NASDAQ:DNDN). The firm also reminded investors who wish to serve as lead plaintiff that they must move the court by October 3, 2011.
Dendreon lost more than 60 percent of its market value on August 4, 2011, after withdrawing its market guidance for 2011.
On August 10, 2011, Hans Bishop, Chief Operating Officer for Dendreon, participated in the Canaccord Growth Conference. During that conference, Bishop failed to address Dendreon’s reasons for withdrawing earnings guidance for the entire fiscal year of 2011. Bishop also failed to offer any insight into Dendreon’s expected revenues for the remaining fiscal year. Instead, Bishop reinforced the notion that Provenge, Dendreon’s only revenue-generating product, is a viable product and that they have the pipeline in place to produce sufficient product for existing demand. At the same time, Bishop ominously reported that Dendreon will reduce its production force “consistent with volume expectation.”
After the FDA approved Provenge, Dendreon hit a peak value of $55.43 on May 3, 2010. Today, Dendreon closed at $10.37, down over 80 percent from its peak. The August 3, 2011, announcement that Dendreon would withdraw its earnings guidance shocked analysts and investors alike, prompting several analysts to question their management’s credibility.
The lawsuit seeks to recover damages on behalf of all purchasers of the common stock of Dendreon between January 7, 2011, and August 3, 2011 (the “class period”). The case, Ems v. Dendreon, et al., was assigned number 2:11-cv-01294.
Investors who wish to serve as lead plaintiff must move the Court by October 3, 2011. If you wish to discuss serving as a lead plaintiff or have any questions concerning this litigation, this notice or your rights or interests, please contact plaintiff’s counsel, Peter Borkon of Hagens Berman, at 206-623-7292 or via e-mail at [email protected]. You can also learn more about the case at www.hbsslaw.com/dendreon. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member.
Seattle-based Hagens Berman Sobol Shapiro LLP is one of the top class-action law firms in the nation, with offices in Boston, Chicago, Colorado Springs, Los Angeles, Minneapolis, New York, Phoenix, San Francisco and Washington, D.C. Founded in 1993, we represent plaintiffs in class actions and multi-state, large-scale litigation that seek to protect the rights of investors, consumers, workers and whistleblowers. More information about the firm is available at www.hbsslaw.com.
Firmani + Associates Inc.
Mark Firmani, 206-443-9357
KEYWORDS: United States North America Washington
INDUSTRY KEYWORDS: Health Biotechnology Oncology Pharmaceutical Professional Services Legal