NEW YORK, Oct. 10, 2008 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the District of Arizona on behalf of purchasers of Medicis Pharmaceutical Corporation ("Medicis" or "the Company") (NYSE:MRX) common stock during the period between October 30, 2003 and September 24, 2008 (the "Class Period") for violations of federal securities laws.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Medicis common stock during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by December 2, 2008. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. 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 Sue Lee at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The Complaint alleges that on September 24, 2008, Medicis announced that it intends to restate its financial statements for all accounting periods beginning July 1, 2003 and ending June 30, 2008. The complaint also alleges that the Company indicated that investors can no longer rely on these financial statements and that the restatements result from Medicis applying an improper accounting method in determining reserves for sales returns during the Class Period. The complaint further alleges that the release of this information by Medicis caused the value of the Company's stock price to decline significantly.