NEW YORK, Sept. 12, 2011 (GLOBE NEWSWIRE) -- Milberg LLP reminds shareholders that a class action lawsuit has been filed on behalf of investors who purchased securities of Dendreon Corporation ("Dendreon" or the "Company") (Nasdaq:DNDN) during the period January 7, 2011, to August 3, 2011, inclusive (the "Class Period"). This case is pending in the United States District Court for the Western District of Washington and alleges violations of the Securities Exchange Act of 1934 by Dendreon and certain of the Company's officers.
The lawsuit alleges that throughout the Class Period, Defendants made materially false and misleading statements to investors by materially overstating the Company's projected sales of its cancer drug Provenge and failing to disclose that physicians were slow to adopt the drug for fear that they would not be reimbursed for the costly treatment. The Complaint also alleges that the Company lacked operational or financial controls and that several Company insiders, including the Chief Executive Officer, sold shares while the share price was artificially inflated. On August 3, 2011, when the Company announced financial and operating results that were well below analysts' expectations and withdrew its earnings guidance for the entire fiscal year, shares of Dendreon stock declined more than 60%, reducing the company's market value by over $3 billion.
If you purchased securities of Dendreon from January 7, 2011, to August 3, 2011, you may move the court no later than October 4, 2011, and request that the Court appoint you as lead plaintiff. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Your share in any recovery will not be enhanced or diminished by serving as a lead plaintiff, however, lead plaintiffs make important decisions that could affect the overall recovery for class members. You do not need to be a lead plaintiff to recover in a class action; you can recover as an absent class member. You may retain Milberg LLP, or other attorneys, for this action, but do not need to retain counsel to recover as an absent class member. If this action is certified as a class action, class members will be automatically represented by court-appointed counsel. The lawsuit discussed here was not filed by Milberg.
Milberg LLP has been representing individual and institutional investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States. Please visit the Milberg website (www.milberg.com) for more information about the firm. If you wish to discuss this matter with us, or have any questions regarding this matter, please contact the following attorneys:
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