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 District of Arizona on behalf of those who purchased the securities of Medicis Pharmaceutical Corporation (“Medicis” or the “Company”) between October 30, 2003 and September 23, 2008, inclusive (the “Class Period”).
The Complaint charges that Medicis and certain of its officers and directors violated federal securities laws by overstating the Company’s revenues and earnings. Specifically, Medicis failed to account for returns in accordance with Generally Accepted Accounting Principles (“GAAP”).
On September 24, 2008, Medicis announced that its Audit Committee had concluded that the Company’s financial statements for the annual, transition and quarterly periods in fiscal years 2003 through 2007 and the first and second quarters of 2008, will likely need to be restated. Medicis claimed the restatement was related to a modification in the Company’s technical interpretation of the GAAP relating to sales return reserve calculations. The Company’s prior accounting method, with respect to sales return reserves, accrued returns at replacement cost rather than deferring the gross sales price, based on the Company’s view of the economic impact of returns on its business.
If you are a member of the class, you may, no later than December 2, 2008, 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, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com, or visit our website: www.izardnobel.com.
Contact:
Izard Nobel LLP
Wayne T. Boulton or Nancy A. Kulesa, 800-797-5499
firm@izardnobel.com
www.izardnobel.com
Source: Izard Nobel LLP
The Complaint charges that Medicis and certain of its officers and directors violated federal securities laws by overstating the Company’s revenues and earnings. Specifically, Medicis failed to account for returns in accordance with Generally Accepted Accounting Principles (“GAAP”).
On September 24, 2008, Medicis announced that its Audit Committee had concluded that the Company’s financial statements for the annual, transition and quarterly periods in fiscal years 2003 through 2007 and the first and second quarters of 2008, will likely need to be restated. Medicis claimed the restatement was related to a modification in the Company’s technical interpretation of the GAAP relating to sales return reserve calculations. The Company’s prior accounting method, with respect to sales return reserves, accrued returns at replacement cost rather than deferring the gross sales price, based on the Company’s view of the economic impact of returns on its business.
If you are a member of the class, you may, no later than December 2, 2008, 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, class action cases in general, and your rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com, or visit our website: www.izardnobel.com.
Contact:
Izard Nobel LLP
Wayne T. Boulton or Nancy A. Kulesa, 800-797-5499
firm@izardnobel.com
www.izardnobel.com
Source: Izard Nobel LLP
0 comments:
Post a Comment