HAGENS BERMAN

Date Filed: August 4, 2011
Lead Plaintiff Deadline: October 3, 2011
Court: U.S. District Court
Location: Washington
Ticker Symbol: DNDN

Hagens Berman Sobol Shapiro, a Seattle-based investor-rights law firm has filed a lawsuit against Dendreon Corp. (NASDAQ: DNDN) for potential violations of federal securities laws following the company’s withdrawal of its sales forecasts for its prostate cancer therapy Provenge. Dendreon previously projected that it would earn between $350 - $400 million on sales of Provenge. On news of Dendreon withdrawing earnings guidance, the stock dropped from a closing price on August 3, 2011 of $33.65 to an opening price on August 4, 2011 of $12.73.

Shares of the Seattle-based company fell more than 60 percent after the company withdrew its 2011 revenue estimates allegedly costing the company $3.2 billion in market value. Hagens Berman is investigating whether the company issued false or misleading statements to investors.

According to media reports, Provenge costs $93,000 per patient and doctors, fearing that they may not be reimbursed quickly enough, wait for payment before putting new patients on the drug. This has, according to the reports, resulted in sales below Wall Street estimates and a slowed rate of revenue growth for the company.

If you have information that would assist Hagens Berman in its investigation or are an investor who purchased Dendreon’s common stock between August 3, 2010 and the present, you are encouraged to contact attorney Peter Borkon at DNDN@hbsslaw.com or by phone at 206-623-7292. You can also join the case online by clicking here.