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NASDAQ:QCOR Long Term Investor files Lawsuits against Directors

Lawsuits were filed by several current investors in shares of Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) shares and current long term NASDAQ:QCOR stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com

 
 
mail@shareholdersfoundation.com
mail@shareholdersfoundation.com
PRLog - Jan. 14, 2013 - SAN DIEGO -- Several investors in shares of Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) filed lawsuits against certain directors and officers of Questcor Pharmaceuticals, Inc. over alleged breaches of fiduciary duties in connection with certain statements regarding its  injectable drug H.P. Acthar Gel.

Investors who are current long term stockholders in Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) shares, have certain options and should contact the Shareholders Foundation 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 U. S. Food and Drug Administration (“FDA”) for the treatment of several conditions, including multiple scelorosis, nephrotic syndrome and infantile spasms.

The plaintiff alleges that certain defendants drove up the stock price of Questcor by making improper statements about the purported board effectiveness of the H.P. Acthar Gel. The plaintiff claims that while causing the company to make improper statements that inflated its stock price, certain of the company’s officers and directors were selling over $107 million worth of their stock in a massive and coordinated fashion. Furthermore, so the plaintiff, at the same time as these defendants were massively selling off their stock, they caused the company to repurchased $185 million of its own stock on the basis that it was undervalued.

Then on September 14, 2012 Aetna Inc. issued a Clinical Policy Bulletin stating that based on review of medical studies Acthar was "not medically necessary" for certain conditions for which it has been prescribed and as a result Aetna would limit the coverage of H.P. Acthar.

On September 24, 2012, Questcor Pharmaceuticals, Inc. disclosed in a filing with the Securities and Exchange Commission that on September 21, 2012, Questcor Pharmaceuticals, Inc. became aware of a U.S. government investigation involving Questcor Pharmaceuticals’ promotional practices.

Shares of Questcor Pharmaceuticals, Inc. (NASDAQ:QCOR) dropped from as high as $51.97 per share on September 7, 2012 to as low as $17.555 per share on September 27, 2012.

On October 19, 2012, NASDAQ:QCOR closed at $24.99 per share, less than 50% of its 52 week High of $58.91 per share..

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

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Contact Email:
***@shareholdersfoundation.com Email Verified
Source:Shareholders Foundation, Inc.
Phone:+1-(858)-779-1554
Zip:92108
City/Town:San Diego - California - United States
Industry:Business, Finance
Tags:Questcor Pharmaceuticals Inc., NASDAQ:QCOR
Shortcut:prlog.org/12058484
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