Dendreon Corporation Long Term Investors File Lawsuit Against Directors
San Diego, Aug 26, 2011 (Shareholders Foundation) -- At least two current investors in shares of NASDAQ DNDN have filed lawsuits against certain officers and directors of Dendreon Corp. over alleged breaches of fiduciary duties.
According to the complaints the plaintiffs allege that the defendants breached their fiduciary duties owed to DNDN investors in connection with Dendreon’s Product ‘Provenge’, which is an active cellular immunotherapy for the treatment of metastatic, castrate-resistant prostate cancer.
The lawsuits against certain directors and officers over alleged breaches of fidcayr duties follows an earlier lawsuit filed for investors who only purchased DNDN common stock between January 7, 2011 and August 3, 2011. According to that complaint filed in the United States District Court for the Western District of Washington the plaintiff alleges on behalf of purchasers of the securities of Dendreon (DNDN) between January 7, 2011 and August 3, 2011, that Dendreon Corp. violated the Securities Exchange Act of 1934 by making a series of materially false and misleading statements related to Dendreon's business and operations.
Shares of Dendreon Corporation (Public, NASDAQ: DNDN) rose from as low as $2.61 in March 09 to as high as $54.06 in April 2010.
NASDAQ: DNDN stocks fell from over $41 per share in the beginning in July 2011 to under $12 on Thursday, August 4, after Dendreon Corp withdrawal of its sales forecasts for its prostate cancer therapy Provenge. On, August 3, 2011, Dendreon Reported its Second Quarter 2011 Financial Results. Among other things, Dendreon said that it “is withdrawing its previous guidance of $350-400 million in revenue for 2011 and currently expects modest quarter over quarter revenue growth for the remainder of this year.”
Shares of Dendreon (NASDAQ:DNDN) fell from a close of $35.84 per share on August 3, 2011 to $11.52 during Thursday’s trading.