Press release from Business Wire
Lieff Cabraser Announces Class Action Lawsuits Against Questcor Pharmaceuticals, Inc.
Thursday, October 18, 2012
Lieff Cabraser Announces Class Action Lawsuits Against Questcor Pharmaceuticals, Inc.09:00 EDT Thursday, October 18, 2012 SAN FRANCISCO (Business Wire) -- The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of all persons who purchased or otherwise acquired the securities of Questcor Pharmaceuticals, Inc. (“Questcor” or the “Company”) (Nasdaq: QCOR) between April 4, 2011 and September 21, 2012, inclusive (the “Class Period”). If you purchased or otherwise acquired Questcor securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 26, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action. Questcor shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll-free at 1 (800) 541-7358. Background on the Questcor Securities Class Litigation The complaints charge Questcor and certain of its senior executives with violations of the Securities Exchange Act of 1934. Questcor is a California-based biopharmaceutical company specializing in the treatment of patients with autoimmune and inflammatory disorders. The Company's primary product is H.P. Acthar Gel (“Acthar”), an injectable drug that is approved by the U. S. Food and Drug Administration (“FDA”) for the treatment of 19 conditions, including multiple scelorosis (“MS”), nephrotic syndrome and infantile spasms. The complaints allege that, throughout the Class Period, defendants issued false and misleading statements about Acthar's effectiveness as a treatment for MS and nephrotic syndrome and the Company's promotion of the drug. On September 19, 2012, Citron Research reported that Aetna Inc. (“Aetna”), one of the nation's largest insurance companies, had revised its policy regarding Acthar, which would extensively limit coverage for the drug. Aetna had engaged in a review of the 19 indications for which the FDA had approved Acthar and determined that clinical research suggested the drug is only “medically necessary” for West syndrome, a rare condition that causes infantile spasms, and not for other indications, such as MS. On this news, the price of Questcor's common stock fell $24.17 per share to close at $26.35 per share on September 19, 2012, a one-day decline of nearly 48%. Then, on September 24, 2012, Questcor announced that the U.S. government had initiated an investigation into the Company's promotional practices. Upon this news, the price of Questcor's stock fell another $11.05 per share to close at $19.08 per share on September 24, 2012, a one-day decline of almost 37%. About Lieff Cabraser Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs' law firms in the nation. In compiling the list, the National Law Journal examined recent verdicts and settlements in addition to overall track records. Lieff Cabraser is one of only two plaintiffs' law firms in the United States to receive this honor for the last ten consecutive years. For more information about Lieff Cabraser and the firm's representation of investors, please visit http://www.lieffcabraser.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. for Media Inquiries Only:Lieff Cabraser Heimann & Bernstein, LLPSharon M. Lee, 800-541-7358