Case Page

 

Case Status:    SETTLED
On or around 09/26/2013 (Other)

Filing Date: August 04, 2011

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.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: DNDN
Company Market: NASDAQ
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: W.D. Washington
DOCKET #: 11-CV-01291
JUDGE: Hon.James L. Robart
DATE FILED: 08/04/2011
CLASS PERIOD START: 01/07/2011
CLASS PERIOD END: 08/03/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Hagens Berman Sobol Shapiro LLP (Berkeley)
    715 Hearst Avenue, Suite 202, Hagens Berman Sobol Shapiro LLP (Berkeley), CA 94710
    510.725.3000 510.725.3000 · info@hbsslaw.com
  2. Hagens Berman Sobol Shapiro LLP (New Seattle)
    1918 Eighth Ave. Suite 3300, Hagens Berman Sobol Shapiro LLP (New Seattle), WA 98101
    206.623.7292 206.623.0594 ·
  3. Kahn Swick & Foti, LLC (Madisonville)
    206 Covington Street, Kahn Swick & Foti, LLC (Madisonville), LA 70447
    (504) 455-1400 (504) 455-1498 ·
  4. Kahn Swick & Foti, LLC (Updated New York)
    500 Fifth Avenue, Ste. 1810, Kahn Swick & Foti, LLC (Updated New York), NY 10110
    212.696.3730 504.455-1498 ·
No Document Title Filing Date
COURT: W.D. Washington
DOCKET #: 11-CV-01291
JUDGE: Hon.James L. Robart
DATE FILED: 02/24/2012
CLASS PERIOD START: 04/29/2010
CLASS PERIOD END: 08/03/2011
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (San Diego)
    12481 High Bluff Drive, Suite 300, Bernstein Litowitz Berger & Grossmann LLP (San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  2. Keller Rohrback LLP (Seattle)
    1201 Third Avenue, Suite 3200, Keller Rohrback LLP (Seattle), WA 98101-3052
    800.776.6044 206.623.3384 · investor@kellerrohrback.com
No Document Title Filing Date