The United States District Court for the Central District of California recently appointed Johnson & Weaver, LLP to pursue a derivative action on behalf of Questcor Pharmaceuticals Inc. (NASDAQ: QCOR) against certain officers and directors of the company for allegedly breaching their fiduciary duties to the company. A shareholder derivative action is recognized by the law to allow shareholders to enforce a company’s rights when the board of directors fails or refuses to do so. The derivative action is an effective tool for calling the management and the board of directors to account for their wrongs against the corporation.
Several class action lawsuits were filed against Questcor in September and October 2012. These lawsuits alleged that certain defendants made false and misleading statements about the company’s principal pharmaceutical product, engaged in improper marketing practices for that product, and engaged in unlawful insider trading.
“The court appointed my firm to represent the interests of Questcor and its shareholders who continue to hold their stock,” said Frank J. Johnson, partner of Johnson & Weaver, LLP. “If Questcor is damaged as a result of any false statements made by certain individuals, then those individuals rather than the company should be held accountable.” In addition to seeking damages, Mr. Johnson’s law firm is seeking amendments to the company’s corporate governance to prevent the reoccurrence of similar incidents. Questcor shareholders who have questions about their legal rights and remedies should contact Mr. Johnson or Shawn Fields at (619) 230-0063 or firstname.lastname@example.org.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.