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Law Office of Brodsky & Smith, LLC Announces Class Action Lawsuit Against Dendreon Corporation

^{Published on 2011-09-22 08:18:31 - Market Wire}
 

BALA CYNWYD, Pa.--([ BUSINESS WIRE ])--Law Office of Brodsky & Smith, LLC announces a class action lawsuit in the U.S. District Court for the Western District of Washington seeking to recover damages on behalf of purchasers of the common stock of Dendreon Corporation (NASDAQ:DNDN) ("Dendreon" or the "Company") between April 29, 2010 and August 3, 2011, inclusive (the "Class Period"). Dendreon is a biotechnology company whose first product, PROVENGE (sipuleucel-T) ("Provenge"), was approved by the U.S. Food and Drug Administration in April 2010.

The Complaint alleges that Dendreon and certain of its officers and directors failed to disclose and misrepresented the following material adverse facts which were known or recklessly disregarded: (1) that Dendreon was not and had not been successful in introducing Provenge, that the introduction was not going according to plan, and that physicians were not adopting the drug; (2) that any economic forecasts based on physiciansa™ adoption of Provenge were inflated, due in part to the fact that the Company had not educated physicians on Provengea™s reimbursement costs or its value, and had not provided physicians with options to finance Provenge treatments; (3) that Dendreon was facing serious demand issues with respect to Provenge; (4) that the Company lacked adequate controls; and (5) that defendantsa™ statements regarding the Companya™s earnings projections and prospects were lacking in any reasonable basis when made.

If you purchased or acquired Dendreon common stock during the Class Period, and lost money on the transaction, you may wish to serve as the lead plaintiff.You may, no later than October 4, 2011, request that the Court appoint you as the lead plaintiff.A lead plaintiff is a representative that acts on behalf of other class members throughout the litigation. To be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of all class members, and that the class member will adequately represent the class.Your ability to share in any recovery is not affected by the decision whether or not to serve as lead plaintiff.If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions.You may contact Evan J. Smith, Esquire or Marc L. Ackerman, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at [ clients@brodsky-smith.com ], visiting [ http://brodsky-smith.com/331-dndn-dendreon-corporation.html ], or by calling toll free 877-LEGAL-90.