Robbins Geller Rudman & Dowd LLP Files Class Action Suit Against Hospira, Inc.
21 Novembro 2011 - 9:56PM
Business Wire
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/hospira/) today announced that a
class action has been commenced on behalf of an institutional
investor in the United States District Court for the Northern
District of Illinois on behalf of purchasers of the common stock of
Hospira, Inc., (“Hospira” or the “Company”) (NYSE: HSP) between
March 24, 2009, and October 17, 2011, inclusive (the “Class
Period”), seeking to pursue remedies under the Securities Exchange
Act of 1934 (the “Exchange Act”).
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff’s counsel, Jack Reise of
Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at
djr@rgrdlaw.com. If you are a member of this Class, you can view a
copy of the complaint as filed or join this class action online at
http://www.rgrdlaw.com/cases/hospira/. Any member of the putative
class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member.
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.
Plaintiff seeks to recover damages on behalf of all purchasers
of Hospira common stock during the Class Period (the “Class”). The
plaintiff is represented by Robbins Geller, which has expertise in
prosecuting investor class actions and extensive experience in
actions involving financial fraud.
Robbins Geller, a 180-lawyer firm with offices in San Diego, San
Francisco, New York, Boca Raton, Washington, D.C., Philadelphia and
Atlanta, is active in major cases pending in federal and state
courts throughout the United States and has taken a leading role in
many important actions on behalf of defrauded investors, consumers,
and companies, as well as victims of human rights violations. The
Robbins Geller Web site (http://www.rgrdlaw.com) has more
information about the firm.
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