| Company: | PDL BioPharma, Inc |
| Ticker Symbol: | PDLI |
| Class Period: | Nov-6-13 to Sep-16-14 |
| Date Filed: | Sep-16-14 |
| Lead Plaintiff Deadline: | Nov-15-14 |
| Court: | District of Nevada |
| Allegations: | |
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, PDL made false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated its total revenues, royalty revenues, net income, and net cash provided by operating activities; (ii) the Company had understated its operating expenses; and (iii) the Company did not properly classify royalty and milestone payments in connection with an agreement with Depomed, Inc.
On September 16, 2014, PDL announced that on September 11, 2014, the Company had been orally notified by Ernst & Young LLP, its independent registered accounting firm, that it was resigning effective September 11, 2014. The resignation was confirmed in a letter delivered to PDL on September 15, 2014. Following this news, the price of PDL stock declined by $1.17 per share, or over 12%, to close on September 17, 2014 at $8.48 per share.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
