Health & Fitness
Wed, January 4, 2012
LOS ANGELES--([ BUSINESS WIRE ])--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of investors who purchased common stock of Hospira, Inc. ("Hospira" or the "Company") (NYSE:HSP) between March 24, 2009 and October 17, 2011, inclusive (the aClass Perioda) alleging violations of the Securities and Exchange Act of 1934 (the aComplainta).
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period 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 the Company's operations and increase shareholder value and that Hospira was unable to remedy problems identified in FDA Warning Letters related to the Company's infusion pumps, quality control deficiencies, and manufacturing weaknesses. According to the complaint, after, on October 18, 2011, the Company announced disappointing preliminary third quarter financial results and slashed full-year guidance, pointing to a production disruption at its Rocky Mount, North Carolina manufacturing plant, which accounted for approximately 25% of the Company's sales, which the Company attributed to the impact of an ongoing FDA investigation, the value of Hospira shares declines significantly.
If you suffered a loss in Hospira you have until February 12, 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. To be a member of the class you need not take action at this time; you may retain counsel of your choice or take no action and remain an absent class member. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, by telephone at (310) 201-9150, Toll Free at (888) 773-9224, by e-mail to [ shareholders@glancylaw.com ], or visit our website at [ http://www.glancylaw.com ].
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
