A lawsuit was filed by a current investor in NASDAQ:QCOR shares over alleged breaches of fiduciary duties by certain directors of Questcor Pharmaceuticals, Inc. and other current long-term NASDAQ:QCOR stockholders are encouraged to contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 03/27/2013 -- An investor in shares of NASDAQ:QCOR filed a lawsuit against certain directors of Questcor Pharmaceuticals over alleged breaches of fiduciary duties in connection with certain statements regarding Questcor’s 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 plaintiff alleges that the defendants caused the company to issue false and misleading statements that caused the stock price to increase substantially and when the truth came out the stock price declined.
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.
Shortly after the announcement a lawsuit filed against Questcor Pharmaceuticals, Inc. over alleged Securities Laws Violations. The plaintiff alleges that Questcor Pharmaceuticals, Inc. issued 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.
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.
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