Case Page

 

Case Status:    SETTLED
On or around 03/08/2013 (Other)

Filing Date: October 03, 2008

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.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MRX
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Arizona
DOCKET #: 08-CV-01821
JUDGE: Hon. Michelle H Burns
DATE FILED: 10/03/2008
CLASS PERIOD START: 10/30/2003
CLASS PERIOD END: 09/24/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New York)
    350 Fifth Avenue, Suite 5508, The Rosen Law Firm, P.A. (New York), NY 10118
    212.686.1060 212.202.3827 · lrosen@rosenlegal.com
  2. Tiffany & Bosco, P.A.
    Third Floor Camelback; Esplanade II; 2525 East Camelback Road, Tiffany & Bosco, P.A., AR 85016-4237
    602.255.6000 602.255.6000 · general@tblaw.com
No Document Title Filing Date
COURT: D. Arizona
DOCKET #: 08-CV-01821
JUDGE: Hon. Michelle H Burns
DATE FILED: 05/18/2009
CLASS PERIOD START: 10/30/2003
CLASS PERIOD END: 09/24/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Martin & Bonnett, P.L.L.C.
    1850 N. Central Avenue, Suite 2010, Martin & Bonnett, P.L.L.C., AZ 85004
    602.240.6900 602.240.6900 ·
  2. Pomerantz Haudek Block Grossman & Gross LLP (Chicago)
    10 South LaSalle Street, Suite 3505, Pomerantz Haudek Block Grossman & Gross LLP (Chicago), IL 60603
    312.377.1181 312.377.1181 ·
No Document Title Filing Date