Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In PDL BioPharma, Inc. (PDLI) To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in PDL BioPharma, Inc. (“PDL” or the “Company”) (Nasdaq: PDLI) of the November 17, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against PDL and certain executives.
A complaint has been filed in the United States District Court for the District of Nevada on behalf of all persons who purchased or otherwise acquired PDL securities between November 6, 2013 and September 16, 2014, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, PDL made false and/or misleading statements and/or failed to disclose that: (i) the Company had overstated its total revenues, royalty revenues, net income, and net cash provided by operating activities; (ii) the Company had understated its operating expenses; and (iii) the Company did not properly classify royalty and milestone payments in connection with an agreement with Depomed, Inc.
On September 16, 2014, PDL announced that on September 11, 2014, the Company had been orally notified by Ernst & Young LLP, its independent registered accounting firm, that it was resigning effective September 11, 2014. The resignation was confirmed in a letter delivered to PDL on September 15, 2014.
Following this news, the price of PDL stock declined by $1.17 per share, or over 12%, to close on September 17, 2014 at $8.48 per share.
If you invested in PDL common stock or options between November 6, 2013 and September 16, 2014 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding PDL’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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