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Five Days Remain before Deadline in Class-action Lawsuit against Dendreon, Says Hagens Berman

^{Published on 2011-09-28 19:42:22 - Market Wire}
 

SEATTLE--([ BUSINESS WIRE ])--Hagens Berman Sobol Shapiro LLP informs investors that less than one week remains before the deadline to move the court for lead plaintiff in a class-action lawsuit filed against Dendreon (NASDAQ: DNDN).

Investors who purchased Dendreon securities between April 29, 2010, and August 3, 2011, (the aClass Perioda) must move the court by October 3, 2011, if they wish to be considered for lead plaintiff. Investors with losses greater than $200,000 are encouraged to contact Peter Borkon of Hagens Berman at (510) 725-3000 or via email at [ dndn@hbsslaw.com ]. Any member of the putative class may move the court to serve as lead plaintiff through counsel of his or her choice, or may choose to do nothing and remain an absent class member.

Dendreona™s August 3, 2011, announcement that its financial results would be below analystsa™ expectations and its withdrawal of financial projections for the full year shocked investors and analysts alike. On the news, the companya™s stock dropped from a closing price of $33.65 on August 3, 2011, to an opening price of $12.73 on August 4, 2011. Dendreon is trading below $10 as of this release.

Hagens Berman filed lawsuits on August 4, 2011, and August 5, 2011, in the United States District Court for the Western District of Washington. The suits seek to recover damages on behalf of all purchasers of Dendreon securities during the Class Period. The cases, Frias v. Dendreon, et al. and Ems v. Dendreon, et al., were assigned numbers 2:11-cv-1291 and 2:11-cv-01294. The notice to investors dated August 5, 2011 announced the Frias suit andthe October 3, 2011 deadline to move the court.

Dendreon has publicly stated that the reasons for withdrawing earnings include a more gradual adoption of Provenge by doctors, who still fear they may not or will not be reimbursed in a timely manner.

More information about the case is available at [ www.hbsslaw.com/dendreon ].

[ About Hagens Berman ]

Seattle-based Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm with offices in ten cities. Founded in 1993, the firma™s mission is to represent plaintiffs in class actions and multi-party, large-scale litigation that has the potential to protect the rights of investors, consumers, workers and the environment. The National Law Journal has rated Hagens Berman as one of the top ten plaintiffsa™ firms in the country four out of the last five years. More information about the firm is available at [ www.hbsslaw.com ] and the firma™s securities law blog is at [ www.meaningfuldisclosure.com ].