LOS ANGELES, April 2, 2010 (GLOBE NEWSWIRE) -- Glancy Binkow & Goldberg LLP announces that all persons or entities who purchased the common stock of Medivation, Inc. ("Medivation" or the "Company") (Nasdaq:MDVN) between July 17, 2008 and March 2, 2010, inclusive (the "Class Period"), have 38 days until the May 10, 2010, deadline to move the Court to serve as Lead Plaintiff in the securities fraud class action lawsuit. The case filed by Glancy Binkow & Goldberg LLP, Shabanov v. Medivation, Inc., et al., No. 10-cv-01049-MHP, has been assigned to the Honorable Marilyn H. Patel, United States District Judge for the Northern District of California.
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 to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
The Complaint charges Medivation and certain of the Company's executive officers and/or directors with violations of federal securities laws. Medivation is a biopharmaceutical company focused on the development of small molecule drugs for the treatment of Alzheimer's disease, Huntington's disease, and castration-resistant prostate cancer. The Company's product pipeline includes Dimebon – also known by its generic name, latrepirdine – a drug being developed as a treatment for mild-to-moderate Alzheimer's disease. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Medivation's business, operations and prospects were materially false and misleading. Specifically, defendants made false and/or misleading statements and/or failed to disclose material adverse information concerning the efficacy of Dimebon as a treatment for Alzheimer's disease and the drug's actual prospects for U.S. Food and Drug Administration marketing approval and eventual market success. The Complaint further alleges that, as a result of defendants' misrepresentations and/or failures to disclose, Medivation common stock traded at artificially inflated levels throughout the Class Period.
On March 3, 2010, before the market opened, the Company announced the results of two Phase 3 clinical trials of Dimebon, and disclosed that the drug failed to meet its primary and secondary endpoints, compared to placebo, in patients with Alzheimer's disease.
As a result of this news, Medivation's stock plummeted $27.15 per share – a one-day decline of 67% on extremely heavy volume of 45 million shares traded – to close on March 3, 2010, at $13.10 per share.
The Private Securities Litigation Reform Act of 1995 ("PSLRA") requires the Court to appoint a "Lead Plaintiff" in this case. Any person or group who suffered a loss as a result of purchasing Medivation common stock between July 17, 2008 and March 2, 2010, may ask the Court to be appointed as Lead Plaintiff, but must file a motion no later than the May 10, 2010 deadline.
Glancy Binkow & Goldberg LLP is a law firm with significant experience in prosecuting class actions, substantial expertise in actions involving corporate fraud, and is representing Medivation shareholders in this litigation.
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, Toll Free at (888) 773‑9224, by e‑mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.