SOURCE: Izard Nobel LLP

March 09, 2010 19:14 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Medivation, Inc.

WEST HARTFORD, CT--(Marketwire - March 9, 2010) -  The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Northern District of California on behalf of purchasers of the common stock of Medivation, Inc. ("Medivation" or the "Company") (NASDAQ: MDVN) between July 17, 2008 and March 2, 2010, inclusive (the "Class Period"). 

The Complaint charges that Medivation, a biopharmaceutical company, and certain of its officers and executives violated federal securities laws by issuing false and misleading statements regarding the Company's drug Dimebon. Specifically, throughout the Class Period, defendants disseminated 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. On this news, Medivation's stock fell $27.15 per share to close at $13.10 per share on March 3, 2010 -- a one-day decline of 67%.

If you are a member of the class, you may, no later than May 10, 2010, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/medivation/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

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