SEATTLE--(BUSINESS WIRE)-- Hagens Berman Sobol Shapiro LLP today announced it is investigating whether to expand the Class Period alleged in the lawsuit it filed against Dendreon (NASDAQ:DNDN - News) to include investors who purchased DNDN securities between August 3, 2010, and August 3, 2011.
Hagens Berman filed its lawsuit on August 5, 2011, in the United States District Court for the Western District of Washington. The suit 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 firm is investigating whether an expanded class period might be justified. The case, Ems v. Dendreon, et al., was assigned number 2:11-cv-01294.
Dendreon’s August 3, 2011, announcement that its financial results would be below analysts’ expectations and withdrawal of financial projections for the full year shocked investors and analysts alike. On the news, the company’s stock dropped from a closing price of $33.65 on August 3, 2011, to an opening price of $12.73 on August 4, 2011. Dendreon closed at $12.45 on August 23, down nearly 80 percent from its peak value of $55.43 on May 3, 2010.
Dendreon has publicly stated that the reasons for withdrawing earnings include a more gradual adoption of Provenge by doctors, who still fear they may not or will not be reimbursed in a timely manner.
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 Dndn@hbsslaw.com. Investors who wish to serve as lead plaintiff must move the court by October 4, 2011. 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.
About Hagens Berman
Seattle-based Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in ten cities. Founded in 1993, the firm’s mission is to represent plaintiffs in class actions and multi-party, large-scale litigation that has the potential to protect the rights of investors, consumers, workers and the environment. The National Law Journal has rated Hagens Berman as one of the top ten plaintiffs’ firms in the country four out of the last five years. More information about the firm is available at www.hbsslaw.com and the firm’s securities law blog is at www.meaningfuldisclosure.com.
Contact:
Firmani + Associates Inc.Mark Firmani, 206-443-9357mark@firmani.com
