Hospira, Inc. (NYSE: HSP) shareholder litigation in connection with alleged securities fraud
Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of purchasers of Hospira, Inc. (“Hospira” or the “Company”) (NYSE: HSP) common stock between March 24, 2009 and October 17, 2011.
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: (a) the Company 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 the Company’s operations and increase shareholder value; (b) the Company was unable to remedy problems identified in FDA Warning Letters related to Hospira’s infusion pumps, quality control deficiencies, and manufacturing weaknesses; (c) Hospira misstated and lacked a reasonable basis for its revenue guidance for 2010 and 2011; and (d) as a result of the foregoing, defendants’ statements regarding the Company’s financial performance and expected earnings were false and misleading.
In reaction to the Company’s negative results, on October 18, 2011 Hospira common stock fell $7.85 per share to close at $29.51 per share.
If you suffered a loss in Hospira stock you have until January 20, 2012 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.