SOURCE: Brower Piven, A Professional Corporation

November 28, 2011 17:56 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Hospira, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the January 20, 2012 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Nov 28, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of the common stock of Hospira, Inc. ("Hospira" or the "Company") (NYSE: HSP) during the period between March 24, 2009 and October 17, 2011, inclusive (the "Class Period").

If you have suffered a net loss for all transactions in Hospira, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 20, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that Hospira suffered from extensive quality control issues which undermined both the viability of and the supposed financial savings that would be generated by Project Fuel, a Company program designed to optimize the Company's operations and increase shareholder value and that Hospira was unable to remedy problems identified in FDA Warning Letters related to the Company's infusion pumps, quality control deficiencies, and manufacturing weaknesses. According to the complaint, after, on October 18, 2011, the Company announced disappointing preliminary third quarter financial results and slashed full-year guidance, pointing to a production disruption at its Rocky Mount, North Carolina manufacturing plant, which accounted for approximately 25% of the Company's sales, which the Company attributed to the impact of an ongoing FDA investigation, the value of Hospira shares declines significantly.

If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact