Medicis Pharmaceutical Class Action

A class action lawsuit has been commenced in the United States District Court for the District of Arizona on behalf of purchasers of Medicis Pharmaceutical Corporation common stock during the period between October 30, 2003 and September 24, 2008 for violations of federal securities laws. If you purchased Medicis common stock during the Class Period and wish to move the court for appointment of lead plaintiff, you must do so by December 2, 2008. The Complaint alleges that on September 24, 2008, Medicis announced that it intends to restate its financial statements for all accounting periods beginning July 1, 2003 and ending June 30, 2008. The complaint also alleges that the Company indicated that investors can no longer rely on these financial statements and that the restatements result from Medicis applying an improper accounting method in determining reserves for its sales returns during the Class Period. The complaint further alleges that the release of this information by Medicis caused the value of the Company’s stock price to decline significantly. If you would like to learn more about the Medicis Class Action, feel free to contact The Levensten Law Firm, P.C.