The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed in
the United States District Court for the District of Arizona on behalf
of those who purchased the securities of Medicis Pharmaceutical
Corporation (“Medicis”
or the “Company”)
(NYSE: MRX) between October 30, 2003 and September 23, 2008, inclusive
(the “Class Period”).
The Complaint charges that Medicis and certain of its officers and
directors violated federal securities laws by overstating the Company’s
revenues and earnings. Specifically, Medicis failed to account for
returns in accordance with Generally Accepted Accounting Principles (“GAAP”).
On September 24, 2008, Medicis announced that its Audit Committee had
concluded that the Company’s financial
statements for the annual, transition and quarterly periods in fiscal
years 2003 through 2007 and the first and second quarters of 2008, will
likely need to be restated. Medicis claimed the restatement was related
to a modification in the Company’s technical
interpretation of the GAAP relating to sales return reserve
calculations. The Company’s prior accounting
method, with respect to sales return reserves, accrued returns at
replacement cost rather than deferring the gross sales price, based on
the Company’s view of the economic impact of
returns on its business.
If you are a member of the class, you may, no later than December 2,
2008, request that the Court appoint you as lead plaintiff of the class.
A lead plaintiff is a class member that acts on behalf of other class
members in directing the litigation. Although your ability to share in
any recovery is not affected by the decision whether or not to seek
appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to
view a copy of the Complaint initiating the class action or for more
information about the case, class action cases in general, and your
rights, please contact Izard Nobel LLP toll-free at (800) 797-5499, or
by e-mail: firm@izardnobel.com,
or visit our website: www.izardnobel.com.
Izard Nobel LLP
Wayne T. Boulton or Nancy A. Kulesa, 800-797-5499
firm@izardnobel.com
www.izardnobel.com
