INVESTOR ALERT: Investigation on Behalf of PDL BioPharma, Inc. Shareholders Announced by Glancy Binkow & Goldberg LLP
Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of shareholders of PDL BioPharma, Inc. (“PDL BioPharma” or the “Company”) (NASDAQ:PDLI) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by the Company concerning PDL BioPharma’s operations and financial performance.
Please contact Lesley Portnoy at (310) 201-9150, or at firstname.lastname@example.org to discuss this matter. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
PDL BioPharma manages a portfolio of patents and royalty assets, and is involved in the humanization of monoclonal antibodies and the discovery of a new generation of targeted treatments for cancer and immunologic diseases. The investigation is related to allegations that the Company misrepresented or failed to disclose that the Company was overstating its total revenues, royalty revenues, net income and net cash provided by operating activities, while also understating its operating expenses and failing to properly classify royalty and milestone payments.
On August 8, 2014, the Company announced that it could not finalize its financial statements for the quarter ended June 30, 2014, due to additional time necessary to address SEC comments and finalize its review related to a change in the accounting treatment of the acquisition of certain royalty rights.
On September 16, 2014, the Company disclosed in a regulatory filing that on September 11, 2014, PDL BioPharma was notified by its independent registered accounting firm, Ernst & Young LLP, that it was resigning effective September 11, 2014, which was confirmed in a letter delivered to the Company on September 15, 2014. Following this news, PDL BioPharma stock dropped more than 12%, or $1.17 per share, to close at $8.48 per share on September 17, 2014.
Then, on September 17, 2014, the Company issued a response to the resignation of Ernst & Young LLP, stating that the Company “did not have any disagreements with EY on accounting practices, scope or procedures nor did we have any reportable events that would have caused EY to resign their position as our auditors.” In response to the Company’s statement, PDL BioPharma stock continued its decline, falling another 7%, or $0.59 per share, to a closing price of $7.89 per share on September 18, 2014.
If you purchased PDL BioPharma shares, if you have information, or would like to learn more, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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