June 3, 2010 - The court ordered the case dismissed with prejudice.
March 30, 2010 - The court granted the defendants' motion to dismiss and dismissed the remaining claims without prejudice.

June 11, 2009 - Defendants filed motion to dismiss.

April 27, 2009 - The lead plaintiff filed an amended complaint on behalf of investors who purchased PDGI common shares between November 1, 2007 and October 29, 2008. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between November 1, 2007 and October 29, 2008.

February 18, 2009 - The lead plaintiff and lead counsel were appointed.

January 20, 2009 - Lead plaintiff motions were filed.

November 20, 2008 - An investor in shares of PharmaNet Development Group Inc (NASDAQ: PDGI) filed a lawsuit in the U.S. District Court for the District of New Jersey against PharmaNet Development Group Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 1, 2007 and April 30, 2008.

According to the complaint the plaintiff charges PharmaNet Development Group Inc and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that between November 1, 2007 and April 30, 2008 defendant issued materially false and misleading statements regarding PharmaNet Development Group Inc's business and financial results.

The complaint alleges that the representations contained in PharmaNet Development Group Inc's press releases, SEC filings, conference calls and presentations were materially false and misleading when made because they failed to disclose that: (i) PharmaNet Development Group Inc’s backlog contained numerous contracts which were likely to be cancelled; (ii) PharmaNet Development Group Inc had increased expenses in order to perform contracts even though there was a substantial likelihood that the contracts would be cancelled; (iii) PharmaNet Development Group Inc was entering into contracts with highly risky biotechnology and pharmaceutical companies where the risk that the contract would be cancelled was greatly increased; and (iv) given the above factors, defendants lacked a reasonable basis for their positive statements about PharmaNet Development Group Inc, its business, backlog and earnings guidance.

According to the complaint, PharmaNet Development Group Inc issued a press release on April 30, 2008 announcing its financial results for the first quarter of 2008. For the quarter, PharmaNet Development Group Inc reported direct revenue of $86.8 million and backlog of $482.9 million. In response to the announcement, the price of PharmaNet Development Group Inc (NASDAQ: PDGI) stock dropped from $23.86 per share to $17.10 per share on extremely heavy trading volume.

PharmaNet Development Group Inc is a drug development services company that maintains offices and facilities in North America, Europe, South America, Asia, Africa and Australia and has clients in the branded pharmaceutical, biotechnology, generic drug and medical device industries.