LOS ANGELES--(BUSINESS WIRE)-- Glancy Binkow & Goldberg LLP 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”) consisting of all purchasers of the common stock of Questcor Pharmaceuticals, Inc. (“Questcor” or the “Company”) (NASDAQ:QCOR) between April 26, 2011 and September 21, 2012, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934.
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.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the above-described Class, you have certain rights, and have until November 26, 2012 to move for lead plaintiff status. 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. To learn more, or if you 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, Toll Free at (888) 773-9224, by e-mail to email@example.com or visit our website at http://www.glancylaw.com.
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Source: Glancy Binkow & Goldberg LLP