The International Regulatory Affairs Network
12.03.2010
Robbins Umeda LLP Announces Investigation of Medivation, Inc.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by certain officers and directors at Medivation, Inc. ("Medivation" or the "Company") (NASDAQ:MDVN). Medivation is a biopharmaceutical company with drugs in clinical development to treat diseases including: Alzheimer's disease, Huntington's disease, and castration-resistant prostate cancer. The Company was founded in 2003 and is headquartered in San Francisco, California.
Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by certain officers and directors at Medivation, Inc. ("Medivation" or the "Company") (NASDAQ:MDVN). Medivation is a biopharmaceutical company with drugs in clinical development to treat diseases including: Alzheimer's disease, Huntington's disease, and castration-resistant prostate cancer. The Company was founded in 2003 and is headquartered in San Francisco, California.
Robbins Umeda LLP's investigation concerns whether the Company's directors and officers caused the Company to make materially misleading statements. Specifically, the investigation will determine whether these directors and officers misled the public about the effectiveness of Dimebon, an experimental drug for Alzheimer's disease.
The alleged material misstatements and omissions may have caused Medivation's stock to trade at artificially inflated prices. It appears that inflation in the Company's stock price allowed them to complete a secondary offering on May 27, 2009, resulting in proceeds of $62.4 million to the Company.
On March 3, 2010, Medivation was forced to disclose that Dimebon did not meet primary and secondary goals in a Phase 3 trial for patients with mild to moderate Alzheimer's disease. Upon this news, Medivation's stock fell $27.15 per share from $40.25 to $13.10 per share on March 3, 2010, a one day decline of 67%.
A lawsuit alleging violations of the Securities Exchange Act of 1934 has been filed on behalf of shareholders who purchased or otherwise acquired Medivation stock between July 17, 2008 and March 2, 2010 against the Company and certain of its officers. Securities class actions like this can potentially cause additional damage to the Company.
If you purchased your Medivation stock prior to July 17, 2008, continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Lauren Levi at 800-350-6003 or by e-mail at llevi@robbinsumeda.com.
Robbins Umeda LLP is a California-based law firm, which has significant experience representing investors in shareholder derivative actions, securities fraud class actions, and merger-related shareholder class actions. For more information about the firm, please go to http://www.robbinsumeda.com.
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