PDL BioPharma (PDLI) Will Delay Filing 10-Q; Cites Issues with Depomed Royalty Rights

PDL BioPharma, Inc. (PDL) (Nasdaq: PDLI) announced that the Company has filed a Form 12b-25 Notification of Late Filing with the U.S. Securities and Exchange Commission (SEC) allowing for a five-day extension to file its Quarterly Report on Form 10-Q for the period ended June 30, 2014.

The Company has not yet finalized 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. As previously disclosed, PDL was asked by the SEC to support its position and explain why this transaction was accounted for as the acquisition of intangible assets as opposed to that of financial assets.

As a result of the delay in filing the quarterly report, PDL has postponed its second quarter earnings release call, originally scheduled for Monday, August 11, until further notice.

You May Also Be Interested In

• Business First Bancshares Inc. (BFST) to acquire Oakwood Bancshares
• Gilead Sciences (GILD) Misses Q1 EPS by 288c
• GXO Logistics, Inc. (GXO) Launches Notes Offering