MINNEAPOLIS, Aug. 23, 2011 (GLOBE NEWSWIRE) -- Charles H. Johnson & Associates announces that a class action has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of Dendreon Corporation ("Dendreon" or the "Company") (Nasdaq:DNDN) publicly traded securities during the period January 7, 2011 through August 3, 2011 (the "Class Period").
If you are a member of the proposed Class, you may move the Court to serve as a lead plaintiff for the Class on or before October 3, 2011. You do not need to be a lead plaintiff in order to share in any recovery that may be obtained.
The Complaint alleges that Dendreon executives repeatedly issued false and misleading statements to the investment community regarding its prostate cancer therapy Provenge, leading investors to believe that the medical community would quickly adopt the drug to treat prostate cancer. Dendreon stocks fell from over $41 per share in the beginning of July 2011 to under $12 per share on August 4, 2011, after Dendreon Corp withdrew its sales forecasts for Provenge.
The Company previously projected that it would earn between $350 - $400 million on sales of a new drug. On news of the Company withdrawing earnings guidance, the stock dropped from a closing price on August 3, 2011 of $33.65 per share to an opening price on August 4, 2011 of $12.73 per share. Shares of the Company fell more than 60% after the company withdrew its 2011 revenue estimates allegedly costing the company $3.2 billion in market value.
If you purchased Dendreon stock during the Class Period, or have any questions concerning this notice or your rights with respect to this matter, please contact:
| Neal Eisenbraun, Esq. (cjohnsonlaw@gmail.com) |
| Charles H. Johnson & Associates |
| 2599 Mississippi Street |
| New Brighton, MN 55112 |
| (651) 633-5685 |