Medicis Settles Investors' Fraud Action For $18M

Law360, New York (September 22, 2011, 8:14 PM EDT) -- A putative class of investors reached an $18 million settlement with Medicis Pharmaceutical Corp. on Wednesday, putting to bed an Arizona suit that accused the dermatological drugmaker and several executives of overstating profits for more than four years.

The plaintiffs filed a motion seeking approval of the settlement, which would end nearly three years of litigation and have Medicis pay $11 million to an escrow account, with auditor Ernst & Young LLP footing the bill for the remaining $7 million.

Counsel for the named plaintiffs, who...
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