San Diego, CA -- (SBWIRE) -- 09/22/2014 -- An investor, who purchased shares of PDL BioPharma Inc (NASDAQ:PDLI), filed a lawsuit in the U.S. District Court for the District of Nevada over alleged violations of Federal Securities Laws by PDL BioPharma Inc in connection with certain allegedly false and misleading statements made between November 6, 2013 and September 16, 2014.

Investors who purchased shares of PDL BioPharma Inc (NASDAQ:PDLI) have certain options and for certain investors are short and strict deadlines running. Deadline: November 17, 2014. NASDAQ:PDLI investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554

According to the complaint the plaintiff alleges on behalf of purchasers of PDL BioPharma Inc (NASDAQ:PDLI) common shares between November 6, 2013 and September 16, 2014, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between November 6, 2013 and September 16, 2014Defendants made allegedly false and/or misleading statements and/or failed to disclose that PDL BioPharma Inc was overstating itstotal revenues, its royalty revenues, its net income, and its net cash provided by operating activities, that PDL BioPharma Inc was understating its operating expenses, that PDL BioPharma Inc failed to properly classify royalty and milestone payments due under an agreement with Depomed, and that as a result of the above, PDL BioPharma Inc’s financial statements were allegedly materially false and misleading at all relevant times.

PDL BioPharma Inc reported that annual Total Revenue rose from $344.98 million in 2010 to $442.92 million in 2013 and that its respective Net Income increased from $91.87 million to $264.53 million. Shares of PDL BioPharma Inc (NASDAQ:PDLI) grew from $4.87 per share in January 2011 to as high as $10.26 per share on September 2, 2014.

On August 8, 2014, PDL BioPharma Inc issued a press release announcing that it had filed a Form 12b-25 Notification of Late Filing with the SEC allowing for a five-day extension to file its Quarterly Report on Form 10-Q for the period ended June 30, 2014.

Then on September 17, 2014, PDL BioPharma, Inc. (NASDAQ: PDLI) disclosed that it was orally notified by its independent registered accounting firm, Ernst & Young LLP that it was resigning effective September 11, 2014 and that the resignation was confirmed in a letter delivered to the Company on September 15, 2014. Shares of PDL BioPharma Inc (NASDAQ:PDLI) declined from $9.70 per share on September 16, 2014, to $8.42 per share on September 17, 2014.

On September 18, 2014, NASDAQ:PDLI shares closed at $7.89 per share.

Those who purchased shares of PDL BioPharma Inc (NASDAQ:PDLI) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com