Medivation (NASDAQ: MDVN) Sinks on Disappointing Revenues, Class Action Suit

Shares of Medivation (NASDAQ:MDVN) are trading 1.2% lower to $12.75 premarket Tuesday after the biotechnology company reported fourth-quarter sales of $20.2 million, missing consensus estimates of $21.1 million.

In addition, last night, the Law Offices of Howard G. Smith announced a class action lawsuit brought against the company by investors claiming that the company misrepresented and/or failed to disclose material adverse information concerning the efficacy of its Alzheimer's drug Dimebon and the drug's actual prospects for U.S. Food and Drug Administration marketing approval and eventual market success, leading to artificially inflated stock levels.