Dendreon Pays $40M Over Claims It Inflated Provenge Demand

Law360, New York (March 18, 2013, 4:54 PM EDT) -- Biotech company Dendreon Corp. has agreed to pay $40 million to end a consolidated putative class action accusing it of misleading investors about demand for its prostate cancer drug Provenge, the company announced Monday.

The deal resolves claims that Dendreon’s overly optimistic forecasts about Provenge sales artificially inflated the company’s stock price, enabling several current and former executives to cash out big, according to the announcement. The settlement has yet to be formally documented and submitted to the federal court in Washington state.

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Case Information

Case Title

Frias v. Dendreon Corporation et al


Case Number

2:11-cv-01291

Court

Washington Western

Nature of Suit

Securities/Commodities

Judge

James L. Robart

Date Filed

August 4, 2011

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