Press release from Business Wire
Murray, Frank & Sailer LLP Files Class Action Against Medivation, Inc.
Monday, April 19, 2010
Murray, Frank & Sailer LLP Files Class Action Against Medivation, Inc.19:39 EDT Monday, April 19, 2010 NEW YORK (Business Wire) -- Murray, Frank & Sailer LLP has filed a class action complaint in the United States District Court for the Northern District of California on behalf of all individuals and institutions who purchased Medivation, Inc. (“Medivation” or the “Company”) (Nasdaq:MDVN) common stock during the period between July 17, 2008 and March 2, 2010 (the “Class Period”). If you are a member of the class described above, you may move the Court, not later than May 10, 2010, to serve as Lead Plaintiff for the Class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you purchased Medivation securities and wish to discuss this litigation, or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Eva Hromadkova at (800) 497-8076, (212) 682-1818, or via email at firstname.lastname@example.org. The complaint charges Medivation and certain of its officers and directors with violations of the Securities Exchange Act of 1934. 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. The complaint alleges that during the Class Period, defendants made false and misleading statements regarding the Company's drug Dimebon. Specifically, 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. Then, 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, or 67%, to close at $13.10 per share on March 3, 2010 on volume of 45 million shares.