SAN DIEGO, Oct. 14, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of PDL BioPharma Inc (PDLI) over alleged Federal Securities Laws Violations by PDL BioPharma.
If you purchased shares of PDL BioPharma, Inc. (Nasdaq:PDLI), you have certain options and for certain investors are short and strict deadlines running. Deadline: November 17, 2014. PDL BioPharma Inc investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff claims that between November 6, 2013 and September 16, 2014 Defendants made allegedly false and/or misleading statements and/or allegedly failed to disclose that PDL BioPharma Inc was overstating its total revenues, its royalty revenues, its net income, and its net cash provided by operating activities, that PDL BioPharma Inc was understating its operating expenses, that PDL BioPharma Inc failed to properly classify royalty and milestone payments due under an agreement with Depomed, and that as a result of the above, PDL BioPharma Inc's financial statements were allegedly materially false and misleading at all relevant times.
On August 8, 2014, PDL BioPharma Inc announced that it had filed a Form 12b-25 Notification of Late Filing with the SEC allowing for a five-day extension to file its Quarterly Report on Form 10-Q for the period ended June 30, 2014.
Then on September 17, 2014, PDL BioPharma, Inc. (Nasdaq:PDLI) disclosed that it was orally notified by its independent registered accounting firm, Ernst & Young LLP that it was resigning effective September 11, 2014 and that the resignation was confirmed in a letter delivered to the Company on September 15, 2014.
Shares of PDL BioPharma Inc (PDLI) declined from $9.70 per share on September 16, 2014, to $7.22 per share on October 7, 2014.
Those who purchased shares of PDL BioPharma Inc have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.