According to the Complaint, on September 19, 2012, Citron Research (“Citron”) reported that Aetna Inc. (“Aetna”), one of the nation’s largest insurers, had recently revised its policy concerning Acthar, which would only severely limit coverage of Questcor’s primary drug. Aetna had engaged in a review of the 19 indications for which the FDA had approved the drug. Based upon its findings, Aetna determined that clinical research supported only one of the 19 indications. On this news, shares in Questcor plummeted over 47%, from a close of $50.59 per share on September 18, 2012 to $26.35 per share on September 19, 2012, on volume of over 63 million shares.Thereafter, on September 24, 2012, the Company filed a Form 8-K with the United States Securities and Exchange Commission that the U.S. government had initiated an investigation into the Company’s promotional practices. On this news, share in Questcor declined almost 37%, from a close of $30.13 per share on September 21, 2012 to $19.08 per share on September 24, 2012, on volume of over 31 million shares. If you wish to serve as lead plaintiff, you must move the Court no later than November 26, 2012. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.Attorney advertising. Prior results do not guarantee a similar outcome.