INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against PDL BioPharma, Inc.

Glancy Binkow & Goldberg LLP reminds investors of PDL BioPharma, Inc. (“PDL BioPharma” or the “Company”) (NASDAQ:PDLI) that those who purchased or otherwise acquired PDL BioPharma securities between November 6, 2013 and September 16, 2014, inclusive (the “Class Period”), have until November 17, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit filed in the United States District Court for the District of Nevada.

PDL BioPharma manages a portfolio of patents and royalty assets, and is involved in the humanization of monoclonal antibodies and the discovery of a new generation of targeted treatments for cancer and immunologic diseases. The Complaint alleges that the Company issued false and misleading statements and/or failed to disclose that the Company:

• was understating its total revenues, royalty revenues, net income, and net cash provided by operating activities;
• was understating its operating expenses; and
• failed to properly classify royalty and milestone payments due under an agreement with Depomed, Inc.

On August 8, 2014, the Company announced that it could not finalize its financial statements for the quarter ended June 30, 2014, due to additional time necessary to address SEC comments and finalize its review related to a change in the accounting treatment of the acquisition of Depomed royalty rights. Then, on September 16, 2014, PDL BioPharma disclosed in a regulatory filing that on September 11, 2014, the Company was orally notified by its independent registered accounting firm, Ernst & Young LLP, that the firm was resigning effective September 11, 2014, which was confirmed in a letter delivered to the Company on September 15, 2014. Following this news, PDL BioPharma stock dropped more than 12%, or $1.17 per share, to close at $8.48 per share on September 17, 2014.

Also on September 17, 2014, the Company issued a response to the resignation of Ernst & Young LLP, stating that the Company “did not have any disagreements with EY on accounting practices, scope or procedures nor did we have any reportable events that would have caused EY to resign their position as our auditors.” In response to the Company’s statement, PDL BioPharma stock continued its decline, falling another 7%, or $0.59 per share, to a closing price of $7.89 per share on September 18, 2014.

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