Pomerantz Settles Class Action Against Medicis Pharmaceutical

NEW YORK, November 3, 2011 (GLOBENEWSWIRE) Pomerantz Haudek Grossman & Gross LLP (“Pomerantz”) is pleased to announce that a settlement has been reached with Medicis Pharmaceutical Corporation (“Medicis” or the “Company”), certain of the Company’s executive officers, and the Company’s auditor Ernst & Young LLP, to resolve the securities class action pending in the United States District Court for the District of Arizona, In re Medicis Pharmaceutical Corporation Securities Litigation, No. CV-08-01821-PHX-GMS.

The settlement will benefit investors who purchased Medicis common stock, and also those who bought and/or sold options on Medicis common stock, between October 30, 2003 and September 23, 2008 (the “Class”). Plaintiffs, alleged that defendants engaged in deceptive revenue recognition practices that led to an overstatement of Medicis earnings and an artificial inflation of the Company’s share price.

According to the terms of the settlement, Medicis will pay $11 million and Ernst & Young will pay $7 million to the Class. Regarding the settlement, Pomerantz partner Jeremy Lieberman commented, “We are very pleased to have achieved this settlement, which represents a recovery of a substantial portion of the damages suffered by the class.”