WILMINGTON, Del., April 28, 2014 /PRNewswire/ -- Andrews &
Springer LLC, a boutique securities class action law firm
focused on representing shareholders nationwide, is investigating
potential breach of fiduciary duty claims against the Board of
Directors of Questcor Pharmaceuticals, Inc. ("Questcor" or the
"Company") (NASDAQ: QCOR) relating to the sale of the Company to
Mallinckrodt plc (NYSE: MNK)
("Mallinckrodt"). On April 7, 2014, the two companies announced the
signing of a definitive merger agreement pursuant to which
Mallinckrodt will acquire Questcor in a
merger valued at roughly $5.6
billion. As a result of the merger, shareholders are
anticipated to receive $30 in cash
and .897 shares of Mallinckrodt for
each share of Questcor stock.
On February 27, 2014 and March 14, 2014 respectively, research
analyst firm Citron Research published two articles
asserting that the Company's primary drug, Acthar, a drug used to
manage difficult-to-treat autoimmune conditions, is a "mislabeled,
mis-dosed unproven drug . . . [marketed] to vulnerable, chronically
ill patients." In a ten-year period, the price for a vial of Acthar
has risen from $40 to $28,000. As noted by Citron, since
January 2010, insiders at the Company
have sold over $249 million of their
stock. An investigation by the FDA is currently ongoing.
Since the announcement of the merger, the Company's stock price
has fallen roughly -1.9%. Moreover, the Company disclosed today
that it missed Q1 revenues by $12.71
million.
Given this information, Andrews & Springer LLC is preparing
a class action lawsuit as a result. If you own shares of Questcor
and want to receive additional information and take action, please
visit us at
http://www.andrewsspringer.com/cases-investigations/questcor or
contact Craig J. Springer, Esq.
at cspringer@andrewsspringer.com, or call toll free at
1-800-423-6013. You may also follow us on LinkedIn, Twitter or
Facebook for future updates.
Andrews & Springer is a boutique securities class action law
firm representing shareholders nationwide who are victims of
securities fraud, breaches of fiduciary duty or corporate
misconduct. Having formerly defended some of the largest financial
institutions in the world, our founding members use their valuable
knowledge, experience, and superior skill for the sole purpose of
achieving positive results for investors. These traits are the
hallmarks of our innovative approach to each case our Firm
decides to prosecute. This notice may constitute Attorney
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SOURCE Andrews & Springer LLC