Questcor Pharmaceuticals, Inc. Securities Litigation Settlement
HomeCase DocumentsContact UsFile Claim

Welcome to the Questcor Pharmaceuticals, Inc. Securities Litigation Settlement Website

This website has been established to provide general information related to the proposed settlement of the Questcor Pharmaceuticals, Inc. (“Questcor”) Securities Litigation. The capitalized terms used on this website, and not defined herein, shall have the same meanings ascribed to them in the Stipulation of Settlement dated as of April 8, 2015 (the "Stipulation"), which can be found and downloaded by clicking on the Case Documents tab above.

This is a securities class action that is pending before Judge Dolly M. Gee in the United States District Court for the Northern District of California. Defendant Questcor is a biopharmaceutical company focused on the treatment of patients with serious, difficult-to-treat autoimmune and inflammatory disorders. Questcor also provides specialty contract manufacturing services to the global pharmaceutical industry through its wholly-owned subsidiary BioVectra Inc.

On March 5, 2013, Plaintiffs filed the Consolidated Class Action Complaint for Violation of the Federal Securities Laws (“Complaint”) against defendants Questcor, Bailey, Mulroy, Cartt, Young, David J. Medeiros and Mitchell J. Blutt. Plaintiffs alleged, among other things, that throughout the Class Period, Defendants issued false and misleading statements about the effectiveness of, and prospects for, Questcor’s sole product, Acthar, while simultaneously using Questcor’s cash to prop up the price of Questcor shares through the purchase of hundreds of millions of dollars of Questcor stock in the open market. As a result, Questcor’s stock traded at artificially inflated prices. On May 6, 2013, all Defendants moved to dismiss the Complaint. Defendants asserted, among other things, that Plaintiffs failed to plead the elements of falsity, scienter, and loss causation under the pleading standards set forth in the Federal Rules of Civil Procedure and the Private Securities Litigation Reform Act of 1995 (“PSLRA”). After full briefing by all parties, the Court held a hearing on September 13, 2013, and issued its order granting in part and denying in part the motions to dismiss (the “Order”). In the Order, the Court dismissed individual defendants David J. Medeiros and Mitchell J. Blutt, as well as allegations related to misstatements by Questcor about its compliance with regulations and industry standards. The Court denied all other aspects of Defendants’ motions to dismiss. Thereafter, Defendants filed answers denying all allegations in the Complaint and asserting defenses thereto.

The Class is defined as all persons or entities who purchased or otherwise acquired the common stock of Questcor from April 4, 2011 through September 21, 2012, inclusive, and who were damaged thereby.

The Questcor Defendants have agreed to pay or cause to be paid $38,000,000 in cash (the “Settlement Fund”). The Settlement Fund, plus interest earned from the date it is established, less costs, fees, and expenses (the “Net Settlement Fund”), will be divided among all eligible Class Members who send in valid Proofs of Claim.

The Court appointed the law firm of Robbins Geller Rudman & Dowd LLP to represent you and other Class Members. These lawyers are called Lead Counsel. These lawyers will apply to the Court for payment from the Settlement Fund; you will not otherwise be charged for their work. If you want to be represented by your own lawyer, you may hire one at your own expense.

Although the information on this website is intended to assist you, it does not replace the information contained in the Notice of Proposed Settlement of Class Action (the "Notice") and the Stipulation of Settlement, both of which can be found and downloaded from this website. We recommend that you read the Notice and other relevant case documents carefully.

YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT

SUBMIT A CLAIM The only way to get a payment. Proofs of Claim must be mailed or submitted online on or before September 2, 2015.
EXCLUDE YOURSELF Get no payment. Unless you exclude yourself from the Class, you will be unable to pursue any claims against the Defendants or any other Released Person related to the wrongdoing alleged in this lawsuit. Exclusions must be postmarked on or before August 21, 2015.
OBJECT You may write to the Court if you have any objection to the settlement, the request for attorneys’ fees and expenses, the requested award to Plaintiffs for their time and expenses in representing the Class, or the Plan of Allocation. Objections must be received by counsel and the Claims Administrator on or before August 21, 2015.
GO TO THE SETTLEMENT HEARING You may ask to speak in Court about the fairness of the settlement. Requests to speak must be received by counsel and the Claims Administrator on or before August 21, 2015. The Court hearing on the settlement, Plan of Allocation, and Lead Counsel’s request for an award of attorneys’ fees and expenses is scheduled for September 18, 2015, at 10:00 a.m.
DO NOTHING Get no payment. Give up your rights.

DEADLINES

Deadline to Submit Proof of Claim: September 2, 2015
Request Exclusion from Class: August 21, 2015
File Objection to the Settlement: August 21, 2015
Court Hearing on Fairness of Settlement: September 18, 2015