Press release from PR Newswire
Harwood Feffer LLP Announces Investigation of Questcor Pharmaceuticals, Inc.
Thursday, September 20, 2012
NEW YORK, Sept. 20, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Questcor Pharmaceuticals, Inc. ("Questcor" or the "Company") (NASDAQ: QCOR), concerning whether the board has breached its fiduciary duties to shareholders.
Questcor derives substantially all of its revenue from the sale of Repository Corticotropin Injection, also known as HP Acthar Gel (Acthar). On September 14, 2012, one of the largest private insurance providers in the United States, Aetna, issued a Clinical Policy Bulletin stating that based on review of medical studies, Acthar was "not medically necessary" for several conditions for which it has been prescribed, as a result, Aetna would cease coverage of Acthar for those conditions. The directors of Questcor owes fiduciary obligation to the Company and its shareholders in the management of the Company's assets.
Questcor shares have fallen over 48% since September 7, 2012, when Company stock closed as high as $51.97 per share. Questcor is currently trading at $27.33 per share.
Current holders of Questcor shares purchased at any time may have a claim against the board for breaches of fiduciary duties, gross mismanagement, and/or abuse of control. If you own Questcor shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Robert I. Harwood, Esq.Matthew M. Houston, Esq.Christopher J. SafrathHarwood Feffer LLP488 Madison AvenueNew York, New York 10022Phone Numbers: (877) 935-7400(212)935-7400Email: firstname.lastname@example.orgWebsite: http://www.hfesq.com
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
Attorney Advertising. © 2012 Harwood Feffer LLP. The law firm responsible for this advertisement is Harwood Feffer LLP (www.hfesq.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter.
SOURCE Harwood Feffer LLP