San Diego, CA -- (SBWIRE) -- 01/26/2012 -- The Shareholders Foundation announces that an investor in NYSE: HSP shares filed a lawsuit against certain directors of Hospira, Inc. over alleged breaches of fiduciary duties for their alleged failure to manage the company properly.
Those who purchased Hospira (HSP) shares and currently hold those HSP shares, have certain options and should contact the Shareholders Foundation by email at mail(at)shareholdersfoundation or call 858-779-1554.
According to the complaint the plaintiff alleges that certain directors of Hospira Inc breached their fiduciary duties by failing to manage the company properly, which lead to manufacturing problems and regulatory probes, and ultimately artificially inflated stock prices by withholding damaging information. The lawsuit by current long term investors against the directors over breaches of fiduciary duties follows an earlier lawsuit filed only for investors who purchased their NYSE: HSP shares only between March 24, 2009, and October 17, 2011. According to that complaint filed in the U.S. District Court for the Northern District of Illinois the plaintiff alleges that Hospira Inc. violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding the Company's business and financial results.
On October 18, 2011, Hospira, Inc. (NYSE: HSP) announced certain preliminary third-quarter 2011 results and lowered its FY 2011 EPS Guidance. Among other things, Hospira also said that its adjusted income from operations and adjusted earnings per share are lower than anticipated primarily due to certain quality actions taken in response to a U.S. Food and Drug Administration (“FDA”) 2010 warning letter and subsequent observations related to the company’s manufacturing facility in Rocky Mount, North Carolina, and device quality and supply-related issues.
Shares of Hospira, Inc. (Public, NYSE:HSP) dropped from $37.49 on October 17 to $29.51 on October 18, 2011. In fact, since June 2011 NYSE HSP shares fell from almost $55 per share to as low as $27.29 per share on December 8, 2011.
Those who are current long term investors in HSP shares, have certain options and should contact the Shareholders Foundation
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego