SOURCE: Shareholders Foundation

Shareholders Foundation

October 22, 2012 09:36 ET

Questcor Pharmaceuticals, Inc. (QCOR) Investor Lawsuit Against Directors Announced by Shareholders Foundation

SAN DIEGO, CA--(Marketwire - Oct 22, 2012) - The Shareholders Foundation, Inc. announces that an investor in shares of Questcor Pharmaceuticals, Inc. (QCOR) filed a lawsuit against certain directors and officers over selling over $100 million of their own stock while allegedly artificially inflating stock prices.

Investors who are current long term stockholders of Questcor Pharmaceuticals, Inc. (QCOR) shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

Questcor primary product is H.P. Acthar Gel, an injectable drug that is approved by the FDA for the treatment of several conditions. The plaintiff alleges that, while causing the company to make improper statements about the purported board effectiveness of the Acthar Gel that inflated the stock price of Questcor stocks, certain officers and directors were selling over $107 million worth of their stock. Furthermore, so the plaintiff, at the same time as these defendants were selling off their stock, they caused the company to repurchased $185 million of its stock on the basis that it was undervalued.

Then, on September 14, 2012 Aetna Inc. issued a Clinical Policy Bulletin stating that the Acthar Gel was "not medically necessary" for certain conditions for which it has been prescribed and as a result it would limit the coverage. On September 24, 2012, Questcor Pharmaceuticals disclosed that it became aware of a U.S. government investigation involving its promotional practices.

Shares of Questcor Pharmaceuticals, Inc. dropped from $51.97 on September 7, 2012 to as low as $17.555 per share on September 27, 2012.

Those who are current long term stockholders of Questcor Pharmaceuticals, Inc. shares, have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.

The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

Contact Information

  • CONTACT:
    Shareholders Foundation, Inc.
    Trevor Allen
    +1 (858) 779-1554
    mail@shareholdersfoundation.com
    3111 Camino Del Rio North
    Suite 423
    San Diego, CA 92108