Medicis Pharmaceutical Corporation (Medicis) is an American medical cosmetics company, manufacturing products primarily to treat acne or facial wrinkles.

According to the press release, the Complaint charges that the Defendant Corporation and certain of its officers violated Sections 10(b) and 20(a) of the Exchange Act by issuing materially inaccurate financial statements to the investing public. On September 24, 2008, Medicis announced that it intends to restate its financial statements for each of the accounting periods beginning July 1, 2003 and ending June 30, 2008, and that investors can no longer rely on these financial statements. The restatement is necessary because Medicis applied an improper accounting method in determining reserves for sales returns during the Class Period. News of the pending restatement caused Medicis' stock price to fall significantly, damaging investors.

On February 23, 2009, an order vacating oral argument on the motion to consolidate cases/appoint lead Plaintiff, and motion to appoint Counsel was granted by the court.

On March 10, 2009, a motion to consolidate, appoint lead Plaintiff, and appoint lead Counsel was granted by the court.

On May 18, 2009, an amended federal securities class action Complaint was filed by the lead Plaintiff and lead Counsel.

On December 02, 2009, an order was entered into the docket granting both the Medicis Defendants’ and Ernst and Young’s Motions to Dismiss. The dismissal was a result of Plaintiffs having failed to plead particularized facts establishing a strong inference that Defendants acted with scienter, as required by the PSLRA. To the extent that Plaintiffs may be able to cure this pleading deficiency, Plaintiffs’ Amended Complaint was dismissed without prejudice.

On January 18, 2010, a Second Amended Complaint against the Defendants was filed in this action. Subsequently, two days later on January 20, 2010, a corrected second amended Complaint was filed against the Defendants by the lead Plaintiffs.

The parties entered into a Stipulation of Settlement on September 21, 2011. On November 3, the Court granted preliminary approval of the Settlement.