Dendreon Overstated Demand For Provenge: Investors

Law360, New York (September 20, 2011, 4:22 PM EDT) -- Dendreon Corp. was hit with a shareholder class action in Washington federal court Monday that accuses executives of the Seattle-based biotechnology company of misleading investors about demand for its prostate cancer drug Provenge.

Shareholder Michael Wendt claims that the false statements artificially inflated Dendreon's stock price, a violation of the Securities Exchange Act. Wendt also accuses Dendreon officers and directors of defrauding investors by trading on the false information.

Wendt seeks to establish a class of investors that purchased Dendreon stock between April 29, 2010, when...
To view the full article, register now.