NEW YORK, Nov. 13, 2008 (GLOBE NEWSWIRE) -- Pomerantz Haudek Block Grossman & Gross LLP ("Pomerantz" or the "Firm") remind investors of Medicis Pharmaceutical Corporation ("Medicis" or the "Company") (NYSE:MRX) that December 2 is the deadline to request that the Court appoint you as Lead Plaintiff in the class action. Pomerantz filed an action against the company and certain officers of the Company on behalf of purchasers of Medicis' common stock during the period from October 30, 2003 to September 23, 2008, both dates inclusive, (the "Class Period"). The lawsuit was filed in the United States District Court, District of Arizona for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Medicis develops and markets products for the treatment of dermatological, aesthetic, and podiatric conditions. The complaint alleges that during the class period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, defendants overstated the Company's revenues and earnings by failing to properly account for returns in accordance with Generally Accepted Accounting Principles ("GAAP").
The complaint specifically alleges that on September 24, 2008, the Company announced that its Audit Committee concluded that the Company's financial statements for fiscal years 2003 through 2007 and the first and second quarters of 2008, would need to be restated due to improper return reserve calculations. Medicis admitted that it had improperly "accrued returns at replacement cost rather than deferring the gross sales price," and that it would have to revise "its reserve calculations to defer the gross sales value of the returned product." On this news, Medicis' stock dropped $2.34 per share to close at $15.58 per share, a one-day decline of 13%. As a result of the challenged statements Medicis' common stock traded at artificially inflated prices throughout the Class Period, resulting in damage to class members who had purchased at prices inflated by defendants' materially false and misleading statements.
If you purchased or acquired the securities of Medicis during the class period, you have until December 2, 2008 to ask the Court to appoint you as lead plaintiff for the class. Lead plaintiffs must meet certain legal requirements. Shareholders outside the United States may join the action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago, Washington, D.C., Columbus, Ohio and the San Francisco Bay area, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.