PDL BioPharma Disputes Allegations In Class Action Lawsuit

(RTTNews) - PDL BioPharma, Inc. (PDLI) said Tuesday that it has been informed of a class action lawsuit filed against the company that alleges violations of federal securities laws.

The company said it disputes the allegations in the complaint and that it will vigorously defend the lawsuit.

"We believe that any claims alleging violations of securities laws are without merit and we intend to vigorously defend our position," said John McLaughlin, president and chief executive officer of PDL. "We remain committed to our strategy of acquiring income generating assets and continuing to pay dividends to our shareholders."