NEW YORK ( TheStreet) -- Hospira ( HSP) shares were falling almost 20% after the drugmaker cut its 2011 earnings forecast. Hospira said it expects 2011 adjusted earnings of $2.95 to $3.05 a share. Over the summer, the company said it expected earnings of as much as $4 a share. "While recently launched product sales continue to drive top-line growth, we were extremely disappointed in the third quarter by developments related to our quality-improvement initiatives that resulted in a significant slowdown of production and an associated impact on our operating performance," said F. Michael Ball, Hospira's CEO, in a statement. The company said it expects third-quarter adjusted earnings of 66 cents a share on sales of $977 million, far lower than analysts' estimates. Hospira blamed the slowdown on quality actions it took at its manufacturing plant in Rocky Mount, N.C., in response to a Food and Drug Administration warning letter in 2010. Hospira shares were down $7.21, or $19.3%, to $30.15. The stock touched a 52-week low of $29.16 earlier Tuesday. Its 52-week high is $60.49. -- Written by Joseph Woelfel >To contact the writer of this article, click here: Joseph Woelfel >To submit a news tip, send an email to: firstname.lastname@example.org.