LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Todd M. Garber announces that shareholders of Questcor Pharmaceuticals, Inc. (“Questcor” or the “Company”) (NASDAQ:QCOR) have until November 26, 2012 to move for lead plaintiff status in the shareholder lawsuit filed in the United States District Court for the Central District of California. The lawsuit was filed on behalf of a class (the “Class”) comprising all purchasers of Questcor securities between April 4, 2011 and September 21, 2012, inclusive (the “Class Period”). Investors who suffered substantial losses are encouraged to contact The Law Offices of Todd M. Garber to inquire about a lead plaintiff position in the class action lawsuit.
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 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. You may retain counsel of your choice or take no action and remain an absent Class member. If you wish to discuss this action or have any questions concerning this Notice 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 firstname.lastname@example.org.
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Law Offices of Todd M. Garber
Todd M. Garber, Attorney at Law
Los Angeles, California
Source: Law Offices of Todd M. Garber