NEW YORK, March 12, 2010 (GLOBE NEWSWIRE) -- The Brualdi Law Firm, P.C. announces that a lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers Medivation, Inc. ("Medivation" or the "Company") (Nasdaq:MDVN) stock during the period between July 17, 2008 and March 2, 2010, inclusive (the "Class Period") for violations of the federal securities laws.
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 during the Class Period, and wish to move the court for appointment of lead plaintiff, you must do so by May 10, 2010. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.
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 Sue Lee or David Titus at The Brualdi Law Firm, P.C. 29 Broadway, Suite 2400, New York, New York 10006, by telephone toll free at (877) 495-1187 or (212) 952-0602, by email to slee@brualdilawfirm.com or visit our website at http://www.brualdilawfirm.com.
The complaint alleges that during the Class Period, defendants made false and misleading statements regarding the Company's drug Dimebon. Specifically, throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public about the effectiveness of Dimebon as a treatment for Alzheimer's disease, making it impossible for shareholders to gain a meaningful or realistic understanding of the drug's progress toward FDA approval and market success. Then, on March 3, 2010, before the market opened, defendants were forced to publicly disclose that Dimebon did not meet primary and secondary goals in a Phase 3 trial for patients with mild to moderate Alzheimer's disease. As a result of this news, Medivation's stock plummeted $27.15 per share to close at $13.10 per share on March 3, 2010 – a one-day decline of 67% on volume of 45 million shares.
The Brualdi Law Firm, P.C. is a New York, New York based law firm that dedicates its practice to vigorous representation of shareholders and investors in litigation nationwide, with a particular emphasis on sophisticated class action litigation in the securities, and antitrust areas as well as corporate derivative suits. More information about the firm is available through its website, http://www.brualdilawfirm.com, and upon request from the firm.
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