LOS ANGELES--()--The Law Offices of Todd M. Garber 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”) comprising all purchasers of the securities of Questcor Pharmaceuticals, Inc. (“Questcor” or the “Company”) (NASDAQ:QCOR) during the period between April 4, 2011 and September 21, 2012, inclusive (the “Class Period”).
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.
If you are a member of the above-described Class, you may move the Court no later than November 26, 2012 to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time, or you may retain counsel of your choice. If you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Todd M. Garber, Esquire, of the Law Offices of Todd M. Garber, by telephone at 213-700-7262 or by email to firstname.lastname@example.org.
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