Medicis Hit With Securities Fraud Class Action

Law360, New York (October 28, 2008, 12:00 AM EDT) -- An investor has slapped Medicis Pharmaceutical Corp. with a proposed class action, accusing the dermatological-drug maker and several of its executives of overstating profits for more than four years.

The complaint, filed Monday in the U.S. District Court for the District of Arizona, alleges that the defendants kept Medicis' stock price artificially high from late 2003 through Sept. 24, when the company announced its auditor committee had found that its financial statements through the second quarter of 2008 would require adjustment because of "improper return reserve...
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