Contact Information: Peretz Bronstein Eitan Kimelman Bronstein, Gewirtz & Grossman, LLC 212-697-6484
Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Medicis Pharmaceutical Corporation
| Source: Bronstein, Gewirtz & Grossman, LLC
NEW YORK, NY--(Marketwire - October 17, 2008) - Bronstein, Gewirtz & Grossman, LLC announces
that a class action lawsuit has been filed in the United States District
Court for the District of Arizona against Medicis Pharmaceutical
Corporation ("Medicis Pharmaceutical" or the "Company") (NYSE : MRX ) and
various individuals on behalf of purchasers of Medicis Pharmaceutical who
purchased common stock between October 30, 2003 and September 24, 2008 (the
"Class Period").
The Complaint alleges that during the Class Period Medicis Pharmaceutical
made false and misleading statements about the Company's financial
performance. On September 24, 2008, before the markets opened, the Company
issued a press release that it intends to restate its financial statement
for each of the accounting periods beginning July 1, 2003 and ending June
30, 2008, and that investors should no longer rely on these financial
statements. The restatement is necessary because Medicis Pharmaceutical
applied an improper accounting method in determining reserves for sales
return during the Class Period. As a result of this disclosure, Medicis
Pharmaceutical's stock price dropped from $17.92 on September 23, 2008 to
$15.58 the next day.
No Class has yet been certified in the above action. If you wish to review
a copy of the Complaint, to discuss this action, or have any questions,
please contact either Peretz Bronstein or Eitan Kimelman of Bronstein,
Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com.
Those who inquire by e-mail are encouraged to include their mailing address
and telephone number. December 2, 2008 is the deadline for investors to
seek a lead plaintiff appointment.
Bronstein Gewirtz & Grossman, LLC is a corporate litigation boutique. Our
primary expertise is the aggressive pursuit of litigation claims on behalf
of our clients. In addition to representing institutions and other
investor plaintiffs in class action security litigation, the firm's
expertise includes general corporate work, private securities offerings,
and securities arbitration.