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Scott+Scott LLP Announces Securities Class Action Lawsuit
Legal Interview |
2011/10/24 10:10
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On October 19, 2011, Scott+Scott LLP filed a class action complaint against K-V Pharmaceutical Company and certain of the Company's officers in the U.S. District Court for the Eastern District of Missouri. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of K-V between February 14, 2011 and April 4, 2011, inclusive.
If you purchased the common stock of K-V during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott
scottlaw@scott-scott.com
http://www.scott-scott.com/cases/new/securities-fraud-litigation-1533-k-v-pharmaceutical-company-kv-a.html
The complaint filed in the action charges that during the brief Class Period, the Company issued false and misleading statements claiming the Food and Drug Administration had granted K-V the exclusive distribution rights over its "Makena," a drug compound that had previously been prescribed by physicians for decades to prevent miscarriages, and that the agency would enforce those rights by preventing K-V's competitors from distributing generic compounds of Makena. The complaint also alleges that defendants told investors K-V's Makena distribution program was designed to "expand access" to the drug compound, including to low-income and other at-risk groups, while concealing that the $1,500 list price K-V was charging would actually reduce availability of the drug compound to physicians and their patients. As a result, based on a fundamental misperception of K-V's sales and earnings potential, the complaint charges that K-V's stock traded at artificially inflated prices during the Class Period, allowing K-V to sell $200 million worth of senior secured notes, with the proceeds used in large part to pay down the Company's debts.
The complaint alleges that the truth began to come to light on March 17, 2011, when two U.S. Senators publicly questioned the bona fides of K-V's distribution program, stating "the financial assistance is not sufficient and does not extend to certain groups of women," and so that in reality, "KV Pharmaceutical's actions will result in diminished access to appropriate health care for women and result in increased preterm births." It is alleged that this partial disclosure caused K-V's stock price to fall precipitously, removing some of the stock inflation. Then, following the FDA's own March 30, 2011 statement that the agency did "not intend to take enforcement action against" K-V's competitors for distributing the generic version of K-V's Makena, K-V's stock fell further on extremely high trading volume. Finally, following K-V's April 1, 2011 disclosure that K-V was reducing Makena's list price by nearly 55% to $690 per injection -- versus the previous list price of $1,500 -- the market learned on April 4, 2011 that many physicians would never prescribe Makena to their patients due to flaws in the distribution program. On this news, K-V's stock price fell an additional 9.5% in a single trading session.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide. |
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Indiana, Planned Parenthood in court over funding
Legal Business |
2011/10/22 09:15
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Planned Parenthood of Indiana can end a dispute over a law that would cut some of its public funding if it became two separate entities, with one offering abortion services and the other offering general health services, an attorney for the state told a federal appeals court Thursday.
Solicitor General Thomas Fisher said during oral arguments before the 7th Circuit Court of Appeals in Chicago that Indiana's new law is aimed at keeping taxpayer dollars "from indirectly subsidizing abortions."
He told the appeals court that Planned Parenthood of Indiana could ensure that wouldn't happen by separating its operations into two entities.
"Only by separating the two can we be sure that there's no cross-subsidy," Fisher said.
Planned Parenthood's attorney, Ken Falk of the American Civil Liberties Union, told the appeals court during the 45-minute hearing that Indiana's own Medicaid agency warned state lawmakers while they were weighing the legislation that it would violate Medicaid recipients' "freedom of choice" by targeting the abortion provider. |
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Artists sue auction houses over royalties law
Legal Business |
2011/10/21 09:15
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Famed New York painter Chuck Close and other artists are suing Sotheby's, Christie's and eBay, contending the auctioneers willfully violated a California law requiring royalty payments on sales of their works.
The three federal suits filed Tuesday seek class-action status to represent many other artists and demand unspecified royalties and damages — which could total hundreds of thousands of dollars given current art prices.
The suits were filed on behalf of Close — best known for his enormous photorealistic paintings — along with Los Angeles artist Laddie John Dill, and the estate of late sculptor Robert Graham. Graham's works include the ceremonial gate for the Los Angeles Memorial Coliseum that was commissioned for the 1984 Olympics and features nude statues modeled on some of the athletes.
A foundation of late California painter Sam Francis also is named as a plaintiff in the suits against Christie's and eBay Inc. |
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Court orders new trial for convicted Cass County killer
Court News |
2011/10/21 09:15
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The 6th District Court of Appeals in Texarkana has ordered a new trial for a Cass County man convicted of killing his wife.
The Texarkana Gazette reports that the court on Wednesday granted 50-year-old David Len Moulton's request for a new trial.
Moulton was convicted and sentenced to 60 years in prison in 2010 of the 2004 death of Rebecca Moulton. Her body was found in a pond on the couple's property in Atlanta, Texas. A cause of death could not be determined.
The appeals court agreed with arguments by defense attorney Jason Horton that the jury was given an improper instruction. The instruction said jurors could convict Moulton if they determined he asphyxiated his wife by unknown means. |
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Mom pleads guilty to forcing beer on children
Court News |
2011/10/20 09:15
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A Connecticut mother has pleaded guilty to charges that she forced her 4-year-old son to drink beer and gave her 10-month-old daughter beer and cocaine.
The Connecticut Post reports Juliette Dunn, of Bridgeport, pleaded guilty Wednesday to risk of injury to a child under the Alford Doctrine, where the defendant doesn't agree to the facts but agrees the state has enough evidence to win a conviction.
A companion, 33-year-old Lisa Jefferson, pleaded guilty to the same charges.
Police say officers were waved down in June by a neighbor who complained that a woman was feeding children beer at a playground.
The children were turned over to the Department of Children and Families after 29-year-old Dunn's arrest. Custody hasn't been decided. |
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