LOS ANGELES, June 11, 2007 (PRIME NEWSWIRE) -- Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a Class Action lawsuit in the United States District Court for the Western District of Washington on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired the common stock of Dendreon Corporation ("Dendreon" or the "Company") (Nasdaq:DNDN) between March 30, 2007 and May 8, 2007, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Dendreon and the Company's chief executive officer with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning the Company's performance and prospects caused Dendreon's stock price to become artificially inflated, inflicting damages on investors. Dendreon is a biotechnology company that engages in the discovery, development and commercialization of novel therapeutics that harness the immune system to fight cancer. The Company's most advanced product candidate for FDA marketing approval is Provenge, an active cellular immunotherapy. The Complaint alleges that during the Class Period defendants failed to disclose or indicate, among other things, that: (i) study D9902A, a Phase III clinical trial for Provenge, was not a complete clinical trial due to the limited number of enrolled patients, and therefore it lacked complete statistical significance; (ii) as a result of the foregoing, study D9902A was not comparable to earlier studies; (iii) the Company's studies failed to show that Provenge slowed the spread of prostate cancer; (iv) the Company had significantly changed how it categorized in its financial statements a contract with Diosynth Biotechnology for commercial-scale quantities of antigen; and (v) this change in accounting allowed the Company to manipulate its financial statements and make the Company appear financially stronger and more attractive to investors.
On May 9, 2007, the Company disclosed that it had received a Complete Response Letter, commonly referred to as an "approvable" letter, from the FDA concerning its approval of the BLA for Provenge. The Company revealed that the FDA had requested additional clinical data in support of the efficacy claim contained in the BLA, as well as additional information concerning the chemistry, manufacturing and controls section of the BLA. This news shocked the market, causing Dendreon stock to plummet $11.41 per share -- a more than 69% drop -- to close on May 9, 2007 at $6.33 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than July 24, 2007, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primenewswire.com/ca