Dendreon Class Action Lawsuit
As of July 2013 we are no longer taking new DNDN clients. We are pleased to be representing clients who have decided to opt out of the class action. Information about the class action and your rights can be found in the Class Notice Here >>.
Dendreon Corporation (Nasdaq:DNDN) is being sued by shareholders for violations of the Securities Exchange Act.
The lawsuit argues that Dendreon greatly overstated the projected sales of the cancer drug Provenge and misled investors by issuing false statements about the drug. Dendreon had projected 2011 sales of between $350 million to $400 million. These figures turned out to be completely unfounded.
Dendreon also allegedly failed to disclose that doctors were reluctant to use Provenge for their patients because of concerns about its costs and getting fully reimbused. Provenge which is used to treat prostate cancer is a new type of drug, designed around each patient which uses individuals own immune systems to fight tumors. The drug costs about $93,000 per course of treatment rendering it an expensive option. The company allegedly failed to inform investors about these issues.
Insider Bad Faith Dealing?
The lawsuit also alleges that management including the CEO, sold shares while the share price was artificially inflated. Mitchell H. Gold the CEO sold 128,000 shares for $4.84 million.Thus defrauding all the other investors by failing to have financial controls in place to prevent insiders trading and earning large profits from non public information.
On August 3, 2011, Dendreon announced financial results well below analysts' expectations and the company withdrew its earnings guidance for the entire fiscal year.
Shares of Dendreon stock plummetted by more than 67%, reducing DNDN's market value by more than $3 billion.
Did you sustain losses? Upset? Kyros Law is investigating the allegations on behalf of DNDN shareholders.
Kyros Law is a Boston-based law firm with significant experience representing investors in shareholder class actions, shareholder derivative actions, and securities fraud class actions. For info about our law firm please our Kyros Law web site.
As of July 2013 we are no longer taking new DNDN clients. We are pleased to be representing clients who have decided to opt out of the class action. Information about the class action and your rights can be found here in the Class Notice Here >>.
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