NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of Nevada on behalf of investors who purchased PDL BioPharma Inc. (“PDL” or the “Company”) (Nasdaq:PDLI) common stock between November 6, 2013 and September 16, 2014.
For more information, click here: http://zlk.9nl.com/pdl-biopharma-pdli.
The complaint alleges that PDL issued materially false and/or misleading statements regarding the Company’s business, operations, prospects, and performance. In particular, it is alleged that the Company made false and/or misleading statements and/or failed to disclose that it was overstating its (a) total revenues; (b) royalty revenues; (c) net income; and (d) net cash provided by operating activities. The complaint further alleges that the Company failed to properly classify royalty and milestone payments due under an agreement with Depomed.
On August 8, 2014, the Company announced it would require an extension for the filing of its Quarterly Report on Form 10-Q for the period ended June 30, 2014. On September 16, 2014 the Company filed a Form 8-K with the SEC announcing that its independently registered accounting firm, Ernst & Young, was resigning.
If you suffered a loss in PDL you have until November 17, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/pdl-biopharma-pdli.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.