LAWSUITS NEWS & LEGAL INFORMATION
Hospira Inc HSP Securities Stock Fraud
|Class Period:||Mar-24-09 to Oct-17-11|
|Lead Plaintiff Deadline:||Jan-20-12|
|Court:||Northern District of Illinois|
The lawsuit charges Hospira and certain of its officers and executives with violations of the Exchange Act. Hospira is a global specialty pharmaceutical and medication delivery company.
The lawsuit alleges that throughout the Class Period, defendants issued materially false and misleading statements regarding the Company's business and financial results. Specifically, defendants failed to disclose that: (i) Hospira suffered from extensive quality control issues throughout the Class Period, which undermined both the viability of and the supposed financial savings that would be generated by Project Fuel, a Company program designed to optimize Hospira's operations and increase shareholder value; (ii) Hospira was unable to remedy problems identified in FDA Warning Letters related to Hospira's infusion pumps, quality control deficiencies, and manufacturing weaknesses; (iii) Hospira's revenue guidance for 2010 and 2011 was misstated and lacked a reasonable basis when made; and (iv) as a result of the foregoing, defendants' statements regarding the Company's financial performance and expected earnings were false and misleading and lacked a reasonable basis when made.
On October 18, 2011, the Company announced disappointing preliminary third quarter financial results and slashed full-year guidance, pointing to a production disruption at its Rocky Mount, North Carolina manufacturing plant, which accounted for approximately 25% of the Company's sales. The Company attributed the production slowdown to the impact of an ongoing FDA investigation.
The result of the Company's negative results was a 21% drop in the price of Hospira common stock, which fell $7.85 per share to close at $29.51 per share on October 18, 2011.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
Hospira Inc HSP Securities Fraud Legal HelpIf you have suffered from financial losses, you may qualify for damages or remedies that may be awarded in a possible Hospira Inc securities class action lawsuit. Please click the link below to submit your complaint for a free evaluation.
Published on Nov-22-11
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