Law Offices of Howard G. Smith, representing investors of Medivation,
Inc. (“Medivation” or the “Company”) (Nasdaq:MDVN),
has filed a class action lawsuit in United States District Court on
behalf of a class (the “Class”) consisting of all persons or entities
who purchased Medivation common stock between July 17, 2008 and March 2,
2010, inclusive (the “Class Period”). The class action lawsuit was filed
in the United States District Court for the Northern District of
California.
The Complaint charges Medivation and certain of the Company’s executive
officers and/or directors with violations of federal securities laws.
Medivation is a biopharmaceutical company focused on the development of
small molecule drugs for the treatment of Alzheimer’s disease,
Huntington’s disease, and castration-resistant prostate cancer. The
Company’s product pipeline includes the drug Dimebon (also known as
latrepirdine), which is being developed as a treatment for
mild-to-moderate Alzheimer’s disease. The Complaint alleges that
throughout the Class Period defendants misrepresented and/or failed to
disclose (i) material adverse information concerning the efficacy of
Dimebon as a treatment for Alzheimer’s disease, (ii) the drug’s actual
prospects for U.S. Food and Drug Administration marketing approval and
eventual market success, and (iii), as a result of defendants’
misrepresentations and/or failures to disclose, that Medivation common
stock traded at artificially inflated levels throughout the Class Period.
On March 3, 2010, before the market opened, the Company announced the
results of two Phase 3 clinical trials of Dimebon and disclosed that the
drug failed to meet its primary and secondary endpoints, compared to
placebo, in patients with Alzheimer’s disease. As a result of this news,
Medivation’s stock price plummeted $27.15 per share – a one-day decline
of 67% on extremely heavy volume of 45 million shares traded – to close
on March 3, 2010, at $13.10 per share.
No class has yet been certified in the above action. Until a class is
certified, you are not represented by counsel unless you retain one. If
you purchased Medivation common stock between July 17, 2008 and March 2,
2010, you have certain rights, and have until May 10, 2010, to move for
lead plaintiff status. To be a member of the class you need not take any
action at this time, and you may retain counsel of your choice. If you
wish to discuss this action or have any questions concerning this Notice
or your rights or interests with respect to these matters, please
contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone
at (215)638-4847, Toll-Free at (888)638-4847, by email to howardsmith@howardsmithlaw.com
or visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
(215)
638-4847
(888) 638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com