Key Developments: Questcor Pharmaceuticals Inc (QCOR.O)
37.34USD
17 May 2013
$0.48 (+1.30%)
$36.86
$37.07
$37.97
$36.76
1,084,664
2,029,462
$58.91
$17.25
Latest Key Developments (Source: Significant Developments)
Questcor Pharmaceuticals Inc Announces To Acquire BioVectra Inc
Questcor Pharmaceuticals Inc announced that it has signed a definitive agreement to acquire all issued and outstanding shares of BioVectra Inc., for an upfront payment of CAD50 million . BioVectra is a supplier of contract manufacturing services to the global pharmaceutical and biotechnology industry and manufactures active pharmaceutical ingredients (API's), chemical intermediates, and bioprocessing reagents. Full Article
Questcor Pharmaceuticals Inc Announces Cash Dividend
Questcor Pharmaceuticals Inc announced that Board of Directors has declared a quarterly cash dividend of $0.20 per share to all shareholders of record at the close of business on December 14, 2012. The dividend will be paid in lieu of the Company's regular quarterly cash dividend that would have been paid in the first quarter of 2013, and is scheduled to be paid on or about December 21, 2012. Full Article
Lieff Cabraser Announces Class Action Lawsuits Against Questcor Pharmaceuticals, Inc
The law firm of Lieff Cabraser Heimann & Bernstein, LLP announced that class action lawsuits have been brought on behalf of all persons who purchased or otherwise acquired the securities of Questcor Pharmaceuticals, Inc. (Questcor or the Company) between April 4, 2011 and September 21, 2012, inclusive (the Class Period). If you purchased or otherwise acquired Questcor securities during the Class Period, you may move the Court for appointment as lead plaintiff by no later than November 26, 2012. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Full Article
Robbins Geller Rudman & Dowd LLP Files Expanded Class Period Class Action Suit Against Questcor Pharmaceuticals Inc
Robbins Geller Rudman & Dowd LLP announced that a class action has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Questcor Pharmaceuticals Inc securities during the period between April 4, 2011 and September 21, 2012 (the Class Period). The complaint charges Questcor and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Questcor is a biopharmaceutical company. The Company’s primary product is H.P. Acthar Gel (Repository Corticotropin Injection) (Acthar), an injectable drug that is approved by the U.S. Food and Drug Administration (FDA) for the treatment of 19 conditions, including multiple sclerosis (MS), nephrotic syndrome and infantile spasms. The complaint alleges that throughout the Class Period, defendants violated the federal securities laws by disseminating false and misleading statements to the investing public about the effectiveness of Acthar as a treatment for MS and nephrotic syndrome, making it impossible for shareholders to gain a meaningful or realistic understanding of the drug’s prospects and market success. As a result of defendants’ false statements, Questcor’s stock traded at artificially inflated prices during the Class Period, reaching a high of $57.64 per share on July 9, 2012. Full Article
Levi & Korsinsky Notifies Investors With Losses On Their Investment In Questcor Pharmaceuticals, Inc. Of Class Action Lawsuit And Deadline Of November 26, 2012 To Seek Lead Plaintiff Position
Levi & Korsinsky announced that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of investors who acquired Questcor Pharmaceuticals, Inc. securities between April 26, 2011 and September 21, 2012. According to the complaint, Questcor concealed from the investing public during the class period that Questcor: (a) lacked clinical evidence to support the use of its drug Acthar for indications other than infantile spasms; (b) had engaged in questionable tactics to promote the sale of Acthar in the treatment of MS and nephrotic syndrome; and (c) lacked a reasonable basis to make positive statements about the Company and its outlook. On September 19, 2012, Citron Research reported that insurer Aetna Inc. had reviewed the 19 indications for which the FDA had approved Acthar and determined that clinical research supported only one of the 19 indications. On this news, Questcor's stock plummeted $24.17 per share to close at $26.35 per share on September 19, 2012. Then on September 24, 2012, Questcor announced in an SEC filing that the U.S. government had initiated an investigation into the Company's promotional practices. After this news, Questcor's stock dropped $11.05 per share to close at $19.08 per share on September 24, 2012. Full Article
Law Offices Of Howard G. Smith Announces Lead Plaintiff Deadline In Class Action Lawsuit Against Questcor Pharmaceuticals Inc
Law Offices of Howard G. Smith announces that shareholders of Questcor Pharmaceuticals Inc have until November 26, 2012 to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit 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 between April 4, 2011 and September 21, 2012, inclusive (the Class Period). The Complaint alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, defendants misrepresented and/or failed to disclose that: (i) the Company was disseminating false and misleading statements to the public concerning the efficacy of Acthar as a treatment for multiple sclerosis and for nephrotic syndrome; (ii) the Company was marketing and promoting Acthar aggressively as a treatment for these conditions, with an 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. Full Article
Faruqi & Faruqi, LLP Announces Investigation Of Potential Securities Fraud At Questcor Pharmaceuticals Inc
Faruqi & Faruqi, LLP, a national securities law firm, announced that it is investigating potential securities fraud at Questcor Pharmaceuticals Inc. The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Questcor lacked sufficient clinical evidence to support the use of Acthar for medical problems other than infantile spasms; (2) Questcor had engaged in risky tactics to promote the sale and use of Acthar in the treatment of MS and nephrotic syndrome; and (3) Questcor lacked a reasonable basis to make positive statements about the Company or its outlook, including statements about the effectiveness of and potential market growth for Acthar. On September 19, 2012, the stock commentary website Citron Research reported that Aetna Inc. ("Aetna"), one of the nation's largest insurers, had recently revised its policy concerning Acthar, which would severely limit coverage of Questcor's primary drug. In Aetna's clinical policy bulletin issued in connection with its review, Aetna reported that studies suggested that the drug is only "medically necessary" for West syndrome, a rare condition that causes infantile spasms, and not for other indications, such as MS, that are treated with steroids. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Questcor Pharmaceuticals Inc
Glancy Binkow & Goldberg LLP, representing investors of Questcor Pharmaceuticals Inc, announced that it has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of a class (the Class) consisting of all purchasers of Questcor securities between April 4, 2011 and September 21, 2012, inclusive (the Class Period). The Complaint alleges that throughout the Class Period defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, defendants misrepresented and/or failed to disclose that: (i) the Company was disseminating false and misleading statements to the public concerning the efficacy of Acthar as a treatment for multiple sclerosis and for nephrotic syndrome; (ii) the Company was marketing and promoting Acthar aggressively as a treatment for these conditions, with an 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 insurance coverage of Acthar, citing studies that suggest the drug is not medically necessary for certain indications, such as multiple sclerosis, which 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. Full Article
Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action Lawsuit on Behalf of Questcor Pharmaceuticals Inc Investors
Wolf Haldenstein Adler Freeman & Herz LLP announced that it has filed a class action lawsuit in the United States District Court, Central District of California, on behalf of all persons who purchased the common stock of Questcor Pharmaceuticals Inc (Questcor or the Company), or purchased Questcor call options, or sold Questcor put options between April 26, 2011 and September 21, 2012, inclusive (the Class Period), against the Company and certain of the Company’s officers, alleging securities fraud pursuant to Sections 10(b) and 20(a) of the Exchange Act [15 U.S.C. §§ 78j(b) and 78t(a)] and Rule 10b-5 promulgated thereunder by the SEC [17 C.F.R. § 240.10b-5] (the “Class”). During the Class Period, Questcor issued materially false and misleading statements and omitted to state material facts that rendered their affirmative statements misleading as they related to the Company’s financial performance, business prospects, and financial condition. As a result of these materially false and misleading statements, the prices of the Company’s securities were artificially inflated during the Class Period. As the truth of the Company’s materially false and misleading statements entered the market, the Company’s stock plummeted. Full Article
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Questcor Pharmaceuticals Inc
Glancy Binkow & Goldberg LLP announced 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) consisting of all purchasers of the common stock of Questcor Pharmaceuticals Inc between April 26, 2011 and September 21, 2012, inclusive (the Class Period), seeking to pursue remedies under the Securities Exchange Act of 1934. . 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. Full Article
Questcor profit misses estimates on weak Acthar sales
- Questcor Pharmaceuticals Inc's first-quarter profit lagged analysts' expectations as sales of its Acthar drug fell due to Medicaid reimbursement changes but the company said sales have bounced back in the current quarter.
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