Press release from Business Wire
Robbins Umeda LLP Announces an Investigation of Questcor Pharmaceuticals, Inc.
Tuesday, September 25, 2012
Robbins Umeda LLP Announces an Investigation of Questcor Pharmaceuticals, Inc.18:44 EDT Tuesday, September 25, 2012 SAN DIEGO (Business Wire) -- Shareholder rights firm Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Questcor Pharmaceuticals, Inc. (NASDAQ-GS: QCOR). Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at (800) 350-6003, firstname.lastname@example.org, or via the shareholder information form on the firm's website. Robbins Umeda LLP is investigating whether officers and directors of Questcor breached their fiduciary duties to shareholders by permitting improper promotional practices concerning its leading drug H.P. Acthar Gel. Prior to the opening of the stock market on September 24, 2012, Questcor announced in a form 8-K that it "became aware of a U.S. government investigation involving the company's promotional practices." After the revelation of the government investigation, Questcor stock fell to a fifty-two week low of $18.81. In addition, on September 19, 2012, America's third largest health insurer, Aetna Inc., said it would only reimburse for Acthar gel usage as a treatment for infantile spasms. Aetna said that Questcor's Acthar gel was no better than existing therapies for eighteen other diseases that it was approved for and its usage would no longer be covered by Aetna. After opening at $50.48 on September 19, 2012, shares of Questcor closed at $26.35, a loss of 47.8%. Robbins Umeda LLP highlights concerned Questcor shareholders have several potential options available to them. Remedies commonly sought in the firm's actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains. Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com. Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/questcor-pharmaceuticals-inc/ Attorney Advertising. Past results do not guarantee a similar outcome. Robbins Umeda LLPGregory E. Del Gaizo(619) 525-3990 or Toll Free (800) 350-6003Info@robbinsumeda.comwww.robbinsumeda.com