San Diego, CA -- (SBWIRE) -- 10/16/2012 -- An investigation on behalf of current long-term stockholders of shares of Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) was announced concerning whether certain Questcor Pharmaceuticals directors and officers breached their fiduciary duties in connection with certain statements regarding its injectable drug H.P. Acthar Gel.
Investors who are current long term stockholders in Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) stocks follows a lawsuit filed earlier against Questcor Pharmaceuticals, Inc.
The plaintiff alleges that Questcor Pharmaceuticals, Inc. violated the Securities Exchange Act of 1934 by issuing between April 26, 2011 and September 21, 2012 allegedly false and misleading statements about the effectiveness of Acthar as a treatment for multiple scelorosis and nephrotic syndrome, making it allegedly impossible for shareholders to gain a meaningful or realistic understanding of the drug’s prospects and market success.
Questcor primary product is H.P. Acthar Gel, an injectable drug that is approved by the U. S. Food and Drug Administration (“FDA”) for the treatment of several conditions, including multiple scelorosis, nephrotic syndrome and infantile spasms.
On September 24, 2012, Questcor Pharmaceuticals, Inc. disclosed in a filing with the Securities and Exchance Commission that on September 21, 2012, Questcor Pharmaceuticals, Inc. became aware of a U.S. government investigation involving Questcor Pharmaceuticals’ promotional practices.
Earlier in September 2012 Aetna Inc. said it would limit coverage of Questcor's top-selling drug, H.P. Acthar, a treatment for multiple sclerosis and infant seizures. Aetna issued a Clinical Policy Bulletin stating that based on review of medical studies Acthar was "not medically necessary" for certain conditions for which it has been prescribed and as a result Aetna would limit the coverage of H.P. Acthar.
Shares of Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) dropped from as high as $51.97 per share on September 7, 2012 to as low as $17.555 per share on September 27, 2012.
On October 15, 2012, NASDAQ:QCOR shares closed at $23.18 per share.
Those who are current long term stockholders in Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) shares, have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego