Published: March 11, 2010
Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Medivation, Inc., Announces Class Action Lawsuit and Seeks to Recover Losses
LOS ANGELES - (BUSINESS WIRE) - Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a
class action lawsuit in the United States District Court for the
Northern District of California on behalf of a class consisting of 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" ).
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 at 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.
Plaintiff seeks to recover damages on behalf of class members and is
represented by Glancy Binkow & Goldberg LLP, a law firm with significant
experience in prosecuting class actions, and substantial expertise in
actions involving corporate fraud.
If you are a member of the class described above, you may move the
Court, no later than May 10, 2010, to serve as lead plaintiff, however,
you must meet certain legal requirements. 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 or Toll Free at (888) 773-9224, by e-mail to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
Glancy Binkow & Goldberg LLP, Los Angeles, CA
Lionel Z. Glancy
Michael
Goldberg
(310) 201-9150 or (888) 773-9224
shareholders@glancylaw.com
www.glancylaw.com
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