Protein Design Labs (PDLI): Stock strong Message Board

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Biotech / Medical : Protein Design Labs (PDLI): Stock strong

PDLI 2.470

0.0%

Jan 18 4:00 PM EST

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To: tuck who wrote (370)	8/20/2007 9:23:09 AM
From: idos	Read Replies (2) of 407

End of drama: PDL BioPharma Mark McDade Resigning; Internal Investigation Finds No Wrongdoing biz.yahoo.com FREMONT, Calif. (AP) -- PDL BioPharma Inc. said Chief Executive Mark McDade will resign by the end of 2007 and that an internal investigation found no credible evidence of improper personal conduct or breach of fiduciary duty. The investigation stemmed from calls by the company's largest shareholder, Third Point LLC, to fire McDade. Third Point blamed McDade for failing to close a potential deal with a large pharmaceutical company and for the company missing earnings and sales projections. Third Point has also alleged ethical breaches in the promotion process. Third Point attempted to elect four directors to PDL BioPharma's board, but the move was rejected. It called for the ouster of McDade after its choices for the board were denied. "Following the investigation and due to the personal toll created by the unsubstantiated rumors and related investigation, (McDade) has decided to step down," the company said in a statement. He is also stepping down from the board of directors. The investigation, conducted by the board's audit committee, involved two independent law firms, the company said. As for the allegation that an unnamed pharmaceutical company made an offer to acquire PDL, the board said, there is no evidence showing that any offer was ever made. Chairman of the Board L. Patrick Gage will assume the role of executive chairman while the company searches for a CEO. Shares of PDL BioPharma rose $1.54, or 7.3 percent, to $22.70 in premarket trading.

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