This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Lieff Cabraser Announces Class Action Lawsuits Against Questcor Pharmaceuticals, Inc.

Stocks in this article: QCOR

The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces 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”) (Nasdaq: QCOR) 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. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.

Questcor shareholders who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon Lee of Lieff Cabraser toll-free at 1 (800) 541-7358.

Background on the Questcor Securities Class Litigation

The complaints charge Questcor and certain of its senior executives with violations of the Securities Exchange Act of 1934. Questcor is a California-based biopharmaceutical company specializing in the treatment of patients with autoimmune and inflammatory disorders. The Company’s primary product is H.P. Acthar Gel (“Acthar”), an injectable drug that is approved by the U. S. Food and Drug Administration (“FDA”) for the treatment of 19 conditions, including multiple scelorosis (“MS”), nephrotic syndrome and infantile spasms.

The complaints allege that, throughout the Class Period, defendants issued false and misleading statements about Acthar’s effectiveness as a treatment for MS and nephrotic syndrome and the Company’s promotion of the drug.

On September 19, 2012, Citron Research reported that Aetna Inc. (“Aetna”), one of the nation’s largest insurance companies, had revised its policy regarding Acthar, which would extensively limit coverage for the drug. Aetna had engaged in a review of the 19 indications for which the FDA had approved Acthar and determined that clinical research suggested the drug is only “medically necessary” for West syndrome, a rare condition that causes infantile spasms, and not for other indications, such as MS. On this news, the price of Questcor’s common stock fell $24.17 per share to close at $26.35 per share on September 19, 2012, a one-day decline of nearly 48%.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,672.60 -141.38 -0.79%
S&P 500 2,051.82 -11.33 -0.55%
NASDAQ 4,757.8790 +7.4820 0.16%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs