Press release from Business Wire
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Questcor Pharmaceuticals, Inc.
Friday, October 05, 2012
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Questcor Pharmaceuticals, Inc.19:00 EDT Friday, October 05, 2012 LOS ANGELES (Business Wire) -- Glancy Binkow & Goldberg LLP, representing investors of Questcor Pharmaceuticals, Inc. (“Questcor” or the “Company”) (NASDAQ:QCOR), has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class (the “Class”) consisting of all purchasers of Questcor securities between April 4, 2011 and September 21, 2012, inclusive (the “Class Period”). A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, or by email at firstname.lastname@example.org. Questcor is a biopharmaceutical company. Its primary product is H.P. Acthar® Gel, an injectable drug approved by the FDA for the treatment of 19 indications, in particular the treatment of acute exacerbations of multiple sclerosis in adults, nephrotic syndrome, and infantile spasms in children under two years of age. The Complaint alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company's business, operations and compliance policies. Specifically, defendants misrepresented and/or failed to disclose that: (i) the Company was disseminating false and misleading statements to the public concerning the efficacy of Acthar as a treatment for multiple sclerosis and for nephrotic syndrome; (ii) the Company was marketing and promoting Acthar aggressively as a treatment for these conditions, with an inadequate compliance program; and (iii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times. On September 19, 2012, Aetna Inc. announced that it would limit insurance coverage of Acthar, citing studies that suggest the drug is not medically necessary for certain indications, such as multiple sclerosis, which are treated with steroids. On this news, Questcor shares declined $24.17 per share, or nearly 48%, to close at $26.35 per share on September 19, 2012. If you are a member of the Class described above, you may move the Court, no later than November 26, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. Glancy Binkow & Goldberg LLP, Los Angeles, CAMichael Goldberg(310) 201-9150 or (888) firstname.lastname@example.org