SOURCE: Bronstein, Gewirtz & Grossman, LLC

October 17, 2008 13:08 ET

Bronstein, Gewirtz & Grossman, LLC Announces That a Class Action Has Been Filed Against Medicis Pharmaceutical Corporation

NEW YORK, NY--(Marketwire - October 17, 2008) - Bronstein, Gewirtz & Grossman, LLC announces that a class action lawsuit has been filed in the United States District Court for the District of Arizona against Medicis Pharmaceutical Corporation ("Medicis Pharmaceutical" or the "Company") (NYSE: MRX) and various individuals on behalf of purchasers of Medicis Pharmaceutical who purchased common stock between October 30, 2003 and September 24, 2008 (the "Class Period").

The Complaint alleges that during the Class Period Medicis Pharmaceutical made false and misleading statements about the Company's financial performance. On September 24, 2008, before the markets opened, the Company issued a press release that it intends to restate its financial statement for each of the accounting periods beginning July 1, 2003 and ending June 30, 2008, and that investors should no longer rely on these financial statements. The restatement is necessary because Medicis Pharmaceutical applied an improper accounting method in determining reserves for sales return during the Class Period. As a result of this disclosure, Medicis Pharmaceutical's stock price dropped from $17.92 on September 23, 2008 to $15.58 the next day.

No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email eitan@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. December 2, 2008 is the deadline for investors to seek a lead plaintiff appointment.

Bronstein Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate work, private securities offerings, and securities arbitration.

Contact Information

  • Peretz Bronstein
    Eitan Kimelman
    Bronstein, Gewirtz & Grossman, LLC
    212-697-6484
    Email Contact