The firm is actively investigating shareholder claims that Hospira and certain of its officers and directors violated the Securities Exchange Act
Naples, FL (PRWEB) November 28, 2011
Gilman Law LLP, a leading national securities law firm, is now accepting claims for lawsuits on behalf of Hospira, Inc. shareholders. The firm is actively investigating shareholder claims that Hospira and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing false statements that caused the Company’s stock to trade at artificially inflated prices. If you purchased or otherwise acquired shares of Hospira between March 24, 2009 and October 17, 2011 (“Class Period”), and either lost money on the transaction or still hold the shares, you must contact Gilman Law LLP by January 20, 2012 (“Class Period”) to exercise your rights against Hospira Inc. To view other securities class action lawsuits click here.
Based in Lakepark, Illinois, Hospira is a global specialty pharmaceutical and medication delivery company that specializes in injectable drugs and infusion technologies. The Company has been named in a class action lawsuit in U.S. District Court for the Northern District of Illinois on behalf of purchasers of the common stock of Hospira, Inc. between March 24, 2009, and October 17, 2011 ( securities.stanford.edu/1048/HSP00_01/20111121_f02c_1108332.pdf" Case No. 11-CV-08332). The complaint alleges that the Defendants failed to disclose that Hospira suffered from extensive quality control issues, 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. The complaint further alleges that Defendants failed to disclose that Hospira was unable to remedy problems identified in FDA Warning Letters related to Hospira's infusion pumps, quality control deficiencies, and manufacturing weaknesses. As a result, revenue guidance for 2010 and 2011 was misstated; and Defendants' statements regarding Hospira's final condition and expected earnings were false. These false statements caused Hospira’s stock to trade at artificially inflated prices during the Class Period.
On October 18, 2011, Hospira shares plummeted $7.85 to close at $29.51 per share after the Company announced disappointing preliminary third quarter financial results and slashed full-year guidance. In announcing the third quarter results, Hospira pointed to a production disruption at its Rocky Mount, North Carolina plant, which accounted for approximately 25% of the Company's sales. Hospira blamed the production slowdown at the North Carolina plant on the impact of an ongoing FDA investigation.
Hospira, Inc. shareholders who are members of the Class must contact Gilman Law LLP no later than January 20, 2012 if they wish to seek appointment as lead plaintiff in the class action lawsuit. While share in any recovery is not affected by lead plaintiff status, that individual will act on behalf of other class members in directing the litigation, including determining whether and how much of a settlement to accept in the lawsuit. The lead plaintiff will be selected by the Court among applicants claiming the largest loss from investment in Hospira during the class period.
Gilman Law LLP has extensive experience representing both individual and institutional investors in securities class action lawsuits, and has recovered over a billion dollars for its clients. Gilman Law is ready to assist investors nationwide who have sustained losses as a result of the misleading statements made by Hospira. For more information on the Hospira, Inc. investor class action lawsuit, please visit http://www.gilmanlawllp.com or http://www.gilmanlawsecuritiesstocksbondsfraud.com. Or our http://www.investment-losses.com site. For a free evaluation of your case please contact Gilman Law TOLL FREE at (888) 252-0048.
About Gilman Law LLP Gilman Law LLP, a leading national law firm with offices in Florida and Massachusetts, has been recognized for delivering successful results to their clients across a broad range of claims stemming from securities fraud, consumer product injury, mass tort, and class action lawsuits. For over 32 years, the Gilman Law LLP team of highly experienced lawyers has earned renown for tireless work on behalf of their clients on many of today’s most challenging and important legal issues.
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