The complaint charges that Medicis and certain of its officers violated Sections 10(b) and 20(a) of the Exchange Act by issuing materially inaccurate financial statements to the investing public.  On September 24, 2008, Medicis announced that it intends to restate its financial statements for each of the accounting periods beginning July 1, 2003 and ending June 30, 2008, and that investors can no longer rely on these financial statements.  The restatement is necessary because Medicis applied an improper accounting method in determining reserves for sales returns during the Class Period.  News of the pending restatement caused Medicis’ stock price to fall significantly, damaging investors.

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