PDL BioPharma Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors

DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a class action lawsuit has been filed against PDL BioPharma, Inc. (“PDL BioPharma” or “Company”) (NasdaqGS: PDLI) and several officers and directors for acts taken during the period of November 6, 2013 to September 16, 2014 (the “Class Period”).

Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of PDL BioPharma. If you are an affected PDL BioPharma shareholder, have held stock throughout the Class Period, and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, [phone], or via email at [e-mail], or Patrick Powers at Powers Taylor LLP, toll free [phone], or via e-mail at [e-mail]. There is no cost or fee to you.

In the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants misrepresented and/or failed to disclose that: a) PDL BioPharma’s revenues, royalty revenues, net income and net cash provided by operating activities was overstated; b) PDL BioPharma’s operating expenses was understated; c) PDL BioPharma did not properly classify royalty and milestone payments due under an agreement with Depomed; and d) due to the above, PDL BioPharma’s financial statements were materially false and misleading at all relevant times. According to the Complaint, when the truth was revealed PDL BioPharma’s stock declined dramatically.

The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.