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News Breaks
August 8, 2014
14:54 EDTDEPO, PDLIPDL BioPharma says concluding talks with SEC on Depomed deal accounting
PDL BioPharma (PDLI) disclosed in a regulatory filing that the company is currently concluding discussions with the SEC staff after receiving a comment letter to the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, that requested additional information about the company’s accounting for the royalty purchase and sale agreement with Depomed (DEPO). "The Company’s responses to those comments may affect the narrative disclosures and financial statements included in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2014. All of the comments cannot be resolved by the prescribed due date for the Current Quarterly Report without unreasonable effort or expense," PDL stated. The company intends to file its current quarterly report by not later than Monday, August 18, PDL added.
News For PDLI;DEPO From The Last 14 Days
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February 1, 2016
19:09 EDTPDLIOn The Fly: After Hours Movers
UP AFTER EARNINGS: Alphabet (GOOG, GOOGL), up 5.2% and 4.7%, respectively... Mattel (MAT), up 5.6%... Anadarko Petroleum (APC), up 4%... AFLAC (AFL), up 1.5%. ALSO HIGHER: PVH Corp. (PVH), up 8.1% after giving guidance for fiscal 2015 and entering a license agreement with G-III Apparel (GIII) for Tommy Hilfiger womenswear collections. DOWN AFTER EARNINGS: Integrated Device (IDTI), down 15.8%... Rent-A-Center (RCII), down 9.6%. ALSO LOWER: Pixelworks (PXLW), down 5.7% after giving fourth quarter guidance and announcing the resignation of its CEO... PDL BioPharma (PDLI), down 14.3% after cutting its quarterly dividend to 5c per share from 15c per share.
17:25 EDTPDLIPDL BioPharma lowers quarterly dividend to 5c per share from 15c per share
PDL Biopharma announced that its board has declared a 5c per share dividend for Q1. The dividend will be paid on March 11, to all stockholders who own shares of PDL on March 4, the record date for Q1 dividend payment. The company believes PDL's prospects in 2016 are very strong. In particular, factors the board assessed to determine the dividend payment amount included: The need to retain a sizeable cash position in order to capitalize on potential income-generating deals that could provide significantly greater long-term benefits to the company and its shareholders. In particular, PDL already has seen an increase in deal flow as companies are impacted by the broader equity and debt market shift to less favorable terms. The expiration of the Queen et al. patents associated with a number of PDL's revenue-generating assets. In preparation and to mitigate the impact, the Company has committed more than $1B to acquire other income generating assets not covered by these patents that should continue to generate income for PDL. As expected, the impact of the expiration of Queen et al. patents will begin to be reflected with Q2 revenues. The vast majority of companies that pay dividends evaluate their dividend disbursements on a quarterly, rather than annual basis. Based on PDL's research, PDL was only one of two companies out of 308 that employed the annual assessment. PDL will now adopt the more common practice of announcing its dividend payout on a quarterly basis in order to better evaluate alternative opportunities for maximizing long-term growth.
16:39 EDTPDLIPDL BioPharma to hold a conference call
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January 22, 2016
09:13 EDTDEPODepomed named top pick at Roth Capital
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