Company Update (NASDAQ:PDLI): PDL BioPharma Announces Dismissal of Third and Final Shareholder Lawsuit
PDL BioPharma, Inc. (PDL or the Company) (NASDAQ:PDLI) announced that the third of three shareholder lawsuits filed in the fall of 2014, was voluntarily dismissed without prejudice.
On February 2, 2015, a securities lawsuit that was filed against the Company last September on behalf of a putative class of purchasers of the Company’s stock, Hampe v. PDL Biopharma, Inc., et al., No. 2:14-CV-01526-APG-NJK (D. Nev.), was voluntarily dismissed without prejudice. Shortly thereafter, and in light of the dismissal of the Hampe case, two derivative lawsuits filed against the Company’s directors, which were based on nearly identical substantive allegations to those made in the Hampe lawsuit, were similarly voluntarily dismissed without prejudice. The two derivative suits, Feely, et ano. v. Lindell, et al., No. 2:14-CV-01738-APG-GWF (D. Nev.) and Marchetti, et ano. v. Lindell, et al., No. A-14-708757-C (Dist. Ct. Clark Co., Nev.), were dismissed on February 17, 2015 and February 18, 2015, respectively. This notice is provided to shareholders of the company pursuant to the direction of the courts that dismissed the derivative lawsuits. The Company is subject to no ongoing securities or shareholder lawsuits.
Shares of PDL BioPharma Inc closed yesterday at $7.01 . PDLI has a 1-year high of $10.26 and a 1-year low of $6.52. The stock’s 50-day moving average is $7.31 and it’s 200-day moving average is $7.92.
PDL BioPharma Inc is engaged in the discovery of a new generation of targeted treatments for cancer & immunologic diseases. It focuses on intellectual property asset management, investing in new royalty bearing assets & maximizing value of its patent.