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[November 21, 2012]
UPCOMING DEADLINE: Levi & Korsinsky Notifies Investors With Losses on Their Investment in Questcor Pharmaceuticals, Inc. of Class Action Lawsuit and the Deadline of November 26, 2012 to Seek a Lead Plaintiff Position -- QCOR
NEW YORK, Nov 21, 2012 (GlobeNewswire via COMTEX) -- Levi & Korsinsky announces 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. (Nasdaq:QCOR) securities between April 26, 2011 and September 21, 2012.
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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.
If you suffered a loss in Questcor you have until November 26, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
This news release was distributed by GlobeNewswire, www.globenewswire.com SOURCE: Levi & Korsinsky, LLP CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
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