Case Page

 

Case Status:    DISMISSED    
On or around 03/28/2013 (Court's order of dismissal)

Filing Date: March 17, 2011

According to the press release dated March 18, 2011, the Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was improperly recognizing certain expenses; (2) that the Company lacked adequate internal and financial controls; and (3) that, as a result of the foregoing, the Company's financial results were materially false and misleading at all relevant times.

On March 11, 2011, the Company disclosed that it would be forced to delay the filing of its fiscal 2010 financial results and its Annual Report. According to the limited information provided by the Company regarding the delay, the Company requires additional time to complete its year-end financial statements due to the need to review the recognition of certain expenses in prior periods. On this news, the Company shares declined $5.27 per share, or more than 24%, to close at $16.63 per share.

On July 19, 2011, Judge Benson Everett Legg signed the order appointing lead plaintiff and lead counsel. According to the Order, Robert Walkoski and Howard Pavony are appointing lead plaintiffs for the class, and the law firm of Bernstein Liebhard LLP is appointed as lead counsel and Brower Piven as liaison counsel. An Amended Complaint was filed on September 19, 2011. On November 18, 2011, the defendants responded by filing a motion to dismiss for failure to state a claim.

On March 28, 2013, the Court issued an order granting the defendant's motion to dismiss with prejudice.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: MED
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. Maryland
DOCKET #: 11-CV-00720
JUDGE: Hon. Benson Everett Legg
DATE FILED: 03/17/2011
CLASS PERIOD START: 03/04/2010
CLASS PERIOD END: 03/10/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. 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 ·
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  3. Tydings & Rosenberg LLP
    100 East Pratt Street, Tydings & Rosenberg LLP, MD 21202
    410.752.9700 410.757.5460 · webmaster@tydingslaw.com
No Document Title Filing Date
COURT: D. Maryland
DOCKET #: 11-CV-00720
JUDGE: Hon. Benson Everett Legg
DATE FILED: 09/19/2011
CLASS PERIOD START: 03/04/2010
CLASS PERIOD END: 03/31/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
No Document Title Filing Date