Hospira, Inc.
Hospira, Inc. (NYSE: HSP)
MURRAY FRANK LLP is investigating securities fraud claims against Hospira, Inc. (“Hospira” or the “Company”) (NYSE: HSP) and certain of its officers, on behalf of purchasers of Hospira securities between March 24, 2009 and October 17, 2011, inclusive (the “Class Period”).
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The investigation concerns violations of the Securities Exchange Act of 1934 (the “Exchange Act”) that occurred when the Company and certain of its officers issued materially false and misleading statements during the Class Period regarding Hospira’s financial performance and business operations and prospects.
Specifically, it is alleged that during the Class Period, the Defendants made false and misleading statements about or knew but failed to disclose that: (1) there were significant quality control deficiencies in the Company’s manufacturing facilities; (2) the Company was not sufficiently addressing issues raised in a number of FDA Warning Letters regarding the deficiencies in its manufacturing facilities and quality of its products; (3) that the Company’s quality control and manufacturing deficiencies were undermining the goals of its “Project Fuel”, designed to optimize Hospira’s operations and increase shareholder value; and (4) as a result, the Company’s statements about its financial performance and business prospects were materially false and misleading and laced a reasonable basis when made.
On October 18, 2011, Hospira announced lower than expected preliminary financial results for the third quarter ended September 30, 2011 and cutting its full-year guidance. The Company attributed the disappointing results and reduced guidance “primarily … to certain quality actions taken in response to a U.S. Food and Drug Administration (FDA) 2010 warning letter and subsequent observations related to the company’s manufacturing facility in Rocky Mount, North Carolina, and device quality and supply-related issues.” On the news, the Company’s stock price dropped by 21% from a close of $37.36 per share on October 17, 2011 to a close of $29.51 per share on October 18, 2011.
If you purchased Hospira securities within the Class Period, you may move the Court, not later than January 20, 2012, to serve as Lead Plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you wish to discuss this investigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
Contact:
MURRAY FRANK LLP
Bridget Hamill
212-682-1818
800-497-8076
Investigations@murrayfrank.com
www.murrayfrank.com
MURRAY FRANK LLP is investigating securities fraud claims against Hospira, Inc. (“Hospira” or the “Company”) (NYSE: HSP) and certain of its officers, on behalf of purchasers of Hospira securities between March 24, 2009 and October 17, 2011, inclusive (the “Class Period”).
Join the Class Action
Firm Resume
The investigation concerns violations of the Securities Exchange Act of 1934 (the “Exchange Act”) that occurred when the Company and certain of its officers issued materially false and misleading statements during the Class Period regarding Hospira’s financial performance and business operations and prospects.
Specifically, it is alleged that during the Class Period, the Defendants made false and misleading statements about or knew but failed to disclose that: (1) there were significant quality control deficiencies in the Company’s manufacturing facilities; (2) the Company was not sufficiently addressing issues raised in a number of FDA Warning Letters regarding the deficiencies in its manufacturing facilities and quality of its products; (3) that the Company’s quality control and manufacturing deficiencies were undermining the goals of its “Project Fuel”, designed to optimize Hospira’s operations and increase shareholder value; and (4) as a result, the Company’s statements about its financial performance and business prospects were materially false and misleading and laced a reasonable basis when made.
On October 18, 2011, Hospira announced lower than expected preliminary financial results for the third quarter ended September 30, 2011 and cutting its full-year guidance. The Company attributed the disappointing results and reduced guidance “primarily … to certain quality actions taken in response to a U.S. Food and Drug Administration (FDA) 2010 warning letter and subsequent observations related to the company’s manufacturing facility in Rocky Mount, North Carolina, and device quality and supply-related issues.” On the news, the Company’s stock price dropped by 21% from a close of $37.36 per share on October 17, 2011 to a close of $29.51 per share on October 18, 2011.
If you purchased Hospira securities within the Class Period, you may move the Court, not later than January 20, 2012, to serve as Lead Plaintiff for the class. A Lead Plaintiff is a representative chosen by the Court who acts on behalf of other class members in directing the litigation. You do not need to be a Lead Plaintiff to be included in the class. If you wish to discuss this investigation, or have any questions concerning this notice or your rights or interests with respect to these matters, please contact us.
Contact:
MURRAY FRANK LLP
Bridget Hamill
212-682-1818
800-497-8076
Investigations@murrayfrank.com
www.murrayfrank.com