Press release from Business Wire
Law Offices of Todd M. Garber Announces An Expanded Class Period of April 4, 2011 Through September 21, 2012 in the Shareholder Lawsuit Against Questcor Pharmaceuticals, Inc.
Saturday, October 20, 2012
Law Offices of Todd M. Garber Announces An Expanded Class Period of April 4, 2011 Through September 21, 2012 in the Shareholder Lawsuit Against Questcor Pharmaceuticals, Inc.16:30 EDT Saturday, October 20, 2012
LOS ANGELES (Business Wire) -- The Law Offices of Todd M. Garber announces that a class action lawsuit
has been filed in the United States District Court for the Central
District of California on behalf of a class (the “Class”) comprising all
purchasers of the securities of Questcor Pharmaceuticals, Inc.
(“Questcor” or the “Company”) (NASDAQ:QCOR) during the period between
April 4, 2011 and September 21, 2012, inclusive (the “Class Period”).
Questcor is a biopharmaceutical company that provides prescription drugs
for the treatment of multiple sclerosis, nephrotic syndrome and
infantile spasms indications. The Company primarily offers H.P. Acthar
Gel, an injectable drug for the treatment of acute exacerbations of
multiple sclerosis in adults. The Complaint alleges that during the
Class Period the Company and certain of its executive officers violated
federal securities laws by issuing false and misleading statements about
the effectiveness of Acthar as a treatment for multiple sclerosis and
nephrotic syndrome. Specifically, defendants misrepresented and/or
failed to disclose that: (1) Questcor lacked clinical evidence to
support the use of Acthar for indications other than infantile spasms;
(2) Questcor had engaged in questionable tactics to promote the sale and
use of Acthar in the treatment of multiple sclerosis and nephrotic
syndrome; and (3) Questcor lacked a reasonable basis to make positive
statements about the Company or its outlook, including statements about
the efficacy and potential market growth for Acthar.
On September 24, 2012 Questcor disclosed that the U.S. government has
undertaken an investigation into the Company's promotional practices.
Following this news, the price of Questcor stock dropped $11.05 per
share, to close at $19.08 per share on September 24, 2012.
If you are a member of the above-described Class, you may move the Court
no later than November 26, 2012 to serve as lead plaintiff; however, you
must meet certain legal requirements. To be a member of the Class you
need not take any action at this time, or you may retain counsel of your
choice. If you have information or would like to learn more about these
claims, or if you have any questions concerning this announcement or
your rights or interests with respect to these matters, please contact
Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by
telephone at 213-700-7262 or by email to info@toddgarberlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Law Offices of Todd M. GarberTodd M. Garber, Attorney at LawLos
Angeles, California213-700-7262info@toddgarberlaw.com
