11.22.2011
Wexler Wallace LLP Files Class Action on Behalf of Hospira, Inc. Investors
On November 21, 2011, Wexler Wallace, with co-counsel Robbins Geller Rudman & Dowd LLP, filed a class action in the United States District Court for the Northern District of Illinois on behalf of purchasers of common stock in Hospira, Inc., (“Hospira”) (NYSE: HSP) between March 24, 2009, and October 17, 2011 (“Class Period”).
Hospira is a global specialty pharmaceutical and medication delivery company. Its products are used by hospital and alternative site providers, such as clinics, home healthcare providers and long-term care facilities. The complaint alleges that throughout the Class Period, Hospira issued materially false and misleading statements regarding its operations and financial results. Specific allegations include Hospira’s failure to disclose that: (i) it 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, Hospira’s statements regarding its financial performance and expected earnings were false and lacked a reasonable basis when made.
If you purchased common stock in Hospira between March 24, 2009, and October 17, 2011, or would like more information about this case, you may contact us by completing our online form or by calling 312-346-2222.
To view a copy of the Complaint, please click here.