Fraud Analysis of Federal Case

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Plaintiff, Andrew Hall, individually and on behalf of a class consisting of persons other than the defendants who purchased common stock of Medicis for the time period 30 October 2003 through 24 September 2008 filed a class action complaint against Defendants, Medicis Pharmaceutical Corporation, Jonah Shacknai, Richard D. Peterson, and Mark A. Prygocki, Sr. The complaint was filed to recover damages caused by Defendants’ violations of federal securities laws and to pursue remedies under the Securities Exchange Act of 1934. Medicis Pharmaceutical Corporation, Medicis, is a Delaware corporation that develops and markets products in the United States for the treatment of dermatological, aesthetic, and podiatric conditions. During the relevant times in the case, Medicis’ common stock was trading on the New York Stock Exchange (NYSE) under ticker MRX. In addition to Medicis, three executives were also defendants in this class action complaint. Defendant Jonah Shacknai, Shacknai, was the Chief Executive Officer and Chairman of the Board. Defendant Richard D. Peterson, Peterson, was the Chief Financial Officer, Executive Vice President, and Treasurer since 1 April 2008. Prior to 1 April 2008, Peterson served as the Senior Vice President of Finance after serving as the Vice President of Finance until February 2007. Defendant Mark A. Prygocki, Sr., Prygocki, was the Chief Financial Officer, Treasurer, Executive Vice President until April 2008 when he became the Chief Operating Officer and Executive Vice President. As senior executive officers, agents, and/or directors of Medicis and its subsidiaries and affiliates, all defendants were privy to non-public information in regards to Medicis’ business, finances, products, markets, and present and future business prospects. Not only were the Defendants privy to sensitive information but all three of them were in

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