PDL BioPharma Says Third And Final Shareholder Lawsuit Dismissed - Quick Facts

(RTTNews) - PDL BioPharma, Inc. (PDLI) said that the third of three shareholder lawsuits filed in the fall of 2014, was voluntarily dismissed without prejudice.

PDL BioPharma said that on February 2, 2015, a securities lawsuit that was filed against it in September 2014 on behalf of a putative class of purchasers of the company's stock, Hampe v. PDL Biopharma, Inc., et al., No. 2:14-CV-01526-APG-NJK, was voluntarily dismissed without prejudice.

Shortly thereafter, two derivative lawsuits filed against the company's directors, which were based on nearly identical substantive allegations to those made in the Hampe lawsuit, were similarly voluntarily dismissed without prejudice.

The two derivative suits, Feely, et ano. v. Lindell, et al., No. 2:14-CV-01738-APG-GWF and Marchetti, et ano. v. Lindell, et al., No. A-14-708757-C , were dismissed on February 17, 2015 and February 18, 2015, respectively.

PDL BioPharma said it is providing the notice to shareholders of the company pursuant to the direction of the courts that dismissed the derivative lawsuits. The company added that is subject to no ongoing securities or shareholder lawsuits.