NEW YORK, Oct. 17, 2012 (GLOBE NEWSWIRE) -- Morgan & Morgan reminds shareholders of Questcor Pharmaceuticals, Inc. ("Questcor" or the "Company") (Nasdaq:QCOR) of the securities class action against Questcor and certain of its officers. The class action filed in the United States District Court, Central District of California, is on behalf of all persons who purchased Questcor common stock between April 4, 2011 and September 21, 2012, inclusive (the "Class Period"). This class action is brought under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act').
If you purchased Questcor between April 4, 2011 and September 21, 2012, you may, no later than November 26, 2012, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
For more information please contact either Peter Safirstein or Sheila Feerick at Morgan & Morgan, Five Penn Plaza, 23rd floor, New York, New York 10001 or by telephone at (800) 732-5200, or by email to QuestcorCase@morgansecuritieslaw.com, or visit our website at www.morgansecuritieslaw.com.
Questcor is a biopharmaceutical company whose primary product, Acthar, helps patients with serious, difficult-to-treat medical conditions. Its primary product is H.P. Acthar(R) Gel, an injectable drug approved by the FDA for the treatment of 19 indications, in particular the treatment of acute exacerbation of multiple sclerosis in adults, as well as the treatment of nephrotic syndrome and of infantile spasms in children under two years of age. The Company generates substantially all its revenues from these three indications, particularly from its treatment of MS.
The Complaint alleges that, throughout the Class Period, the Company made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Questcor made false and/or misleading statements and/or failed to disclose that: (i) the Company was disseminating false and misleading statements to the public as to the efficacy of its 60-year-old drug, Acthar, as a treatment for multiple sclerosis and for nephrotic syndrome; (ii) the Company was aggressively marketing and promoting Acthar as a treatment for these conditions, with a woefully 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 coverage of Acthar, citing studies that suggest the drug is not medically necessary for indications such as multiple sclerosis that 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. Then on September 24, 2012, Questcor announced a U.S. governmental investigation into the Company's promotional practices. On this news, Questcor shares declined $11.05 per share, or 36%, to close at $19.08 per share on September 24, 2012.
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CONTACT: Morgan & Morgan Peter Safirstein, Esq. Five Penn Plaza 23rd Floor New York, NY 10001 (800) 732-5200 QuestcorCase@morgansecuritieslaw.com
Source: Morgan & Morgan