Saxena White P.A. Files a Securities Fraud Class Action Against Hospira, Inc.
10 Dezembro 2011 - 2:50AM
Marketwired
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. (NYSE: HSP) ("Hospira" or the "Company") common stock on the
New York Stock Exchange between March 24, 2009, and October 17,
2011, inclusive (the "Class Period").
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.
If you purchased Hospira, Inc. shares during the Class Period of
March 24, 2009, and October 17, 2011, inclusive, and wish to apply
to be the lead plaintiff in this action, a motion on your behalf
must be filed with the Court no later than January 20, 2012. You
may contact Saxena White P.A. to discuss your rights regarding the
appointment of lead plaintiff and your interest in the class
action. Please note that you may also retain counsel of your choice
and need not take any action at this time to be a class member.
Saxena White P.A., which has offices in Boca Raton, Boston and
Montana, specializes in prosecuting securities fraud and complex
class actions on behalf of institutions and individuals. Currently
serving as lead counsel in numerous securities fraud class actions
nationwide, the firm has recovered hundreds of millions of dollars
on behalf of injured investors and is active in major litigation
pending in federal and state courts throughout the United
States.
Joseph E. White, III jwhite@saxenawhite.com Greg Stone
gstone@saxenawhite.com Saxena White P.A. 2424 North Federal
Highway, Suite 257 Boca Raton, FL 33431 Tel: (561) 394-3399 Fax:
(561) 394-3382 www.saxenawhite.com
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