Dendreon Corporation is an American biotechnology company that produces an immunotherapy for prostate cancer.

According to a press release dated August 4, 2011, the Defendants violated federal securities laws by misleading investors in multiple statements concerning the Company’s projected earnings.

The Company previously projected that it would earn between $350 - $400 million on sales of a new drug. On news of the Company withdrawing earnings guidance, the stock dropped from a closing price on August 3, 2011 of $33.65 to an opening price on August 4, 2011 of $12.73. Shares of the Company fell more than 60 percent after the company withdrew its 2011 revenue estimates allegedly costing the company $3.2 billion in market value.

On December 19, 2011, Judge James L. Robart consolidated three related actions under master docket, C11-1291JLR, In re: Dendreon Corporation Class Action Litigation. San Mateo County Employees Retirement Association was appointed as lead Plaintiff, Bernstein Litowitz was approved as lead Counsel, and Keller Rohrback was approved as lead Plaintiff’s liaison Counsel.

On February 24, 2012, the Plaintiffs filed a consolidated Complaint under seal. A redacted version of the Complaint was filed on the same date.

On April 24, 2013, the parties entered into a Stipulation of Settlement. This Settlement was preliminarily approved by the court two days later.

On August 2, 2013, the Court issued an order approving the Plan of Allocation. The Court also issued an order awarding attorneys' fees and expenses. Finally, the Court issued a final judgment approving the Settlement and ordered this case dismissed with prejudice.