Saxena White P.A. Files a Securities Fraud Class Action
National News
Saxena White P.A. announces that it has filed a class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of investors who purchased Hospira, Inc. common stock on the New York Stock Exchange between March 24, 2009, and October 17, 2011, inclusive.
The complaint 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 complaint 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.
You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased the shares of Hospira, Inc. between the period of March 24, 2009, and October 17, 2011, inclusive, you may contact Joe White or Greg Stone at Saxena White P.A. to discuss your rights and interests.
Related listings
-
Appeals court affirms Petters conviction, sentence
National News 12/10/2011A federal appeals court Friday upheld the 2009 conviction and 50-year prison sentence of Minnesota businessman Tom Petters, who was found guilty of orchestrating a $3.7 billion Ponzi scheme. The Eighth U.S. Circuit Court of Appeals ruled that Petters...
-
Ark. court affirms $50M verdict for rice farmers
National News 12/08/2011The Arkansas Supreme Court on Thursday affirmed a nearly $50 million verdict for farmers who say they lost money because a company's genetically altered rice seeds contaminated the food supply and drove down crop prices. Bayer, the German conglomerat...
-
Bank of America settles mortgage suit for $315 mln
National News 12/06/2011Bank of America agreed to pay $315 million to settle claims by investors that they were misled about mortgage-backed investments sold by its Merrill Lynch unit. The settlement was disclosed in court papers filed late Monday in U.S. District Court in ...
Experienced Business Law Attorneys - Business Law Attorneys in Chicago, Illinois
U.S. Citizenship and Immigration Services (USCIS) announced today that it is clarifying policy guidance (PDF, 71 KB) on the specific work activities its officers should consider when determining whether an individual qualifies for TN nonimmigrant status as an economist.
Companies of all sizes have to deal with a lot of bureaucracy and paperwork just to do business. Long gone are the days of simply designing and manufacturing a great product and putting it out there. It can be incredibly overwhelming trying to do business without making yourself vulnerable to a lawsuit.
If you need to craft an agreement between you and investors or business partners, it is prudent to have it reviewed by a business attorney before you sign anything. You may also want to have your vendor contracts, office leases, sales agreements, and other types of agreements looked over as well. From start-ups to established corporations, the Chicago business attorneys at the Roth Law Group have the know-how to help businesses keep legal trouble at bay.
The attorneys at the Roth Law Group have helped their clients at every stage of the business creation and operation process. From registering as a legally-recognized business entity to hiring employees and then copywriting or trademarking a product idea, the right guidance in the beginning can keep you out of trouble later on.