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Questcor Pharmaceuticals Inc (NASDAQ:QCOR) Investor Investigation Over Potential Wrongdoing In Acquisition Announced

  • If you purchased shares of Questcor Pharmaceuticals Inc (NASDAQ:QCOR) and currently hold any of those NASDAQ:QCOR shares, you have certain options and you should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Investigation Overview

Company
Questcor Pharmaceuticals, Inc.
Security
NASDAQ: QCOR

Acquiring Company
Mallinckrodt PLC
Summary

April 14, 2014 (Shareholders Foundation) - An investigation on behalf of investors, who currently hold shares of Questcor Pharmaceuticals Inc (NASDAQ:QCOR) shares, concerning whether the takeover of Questcor Pharmaceuticals Inc by Mallinckrodt plc for a value of approximately $86.10 per share is unfair to NASDAQ:QCOR stockholders was announced.

The investigation by a law firm concerns whether certain officers and directors of Questcor Pharmaceuticals Inc breached their fiduciary duties owed to NASDAQ:QCOR investors in connection with the proposed acquisition.

On April 7, 2014, Mallinckrodt plc and Questcor Pharmaceuticals Inc announced that they have entered into a merger agreement under which Mallinckrodt will acquire Questcor Pharmaceuticals Inc in a transaction valued at approximately $5.6 billion. Under the terms of the proposed transaction, Questcor Pharmaceuticals Inc shareholders will receive $30.00 per share in cash and 0.897 Mallinckrodt shares for each share of Questcor common stock they own, for a total approximate consideration of $86.10 per Questcor Pharmaceuticals In share.

However, given that at least one analyst has set the high target price for NASDAQ:QCOR shares at $99 per share, respectively the median target price was set at $90.00 per share, , the investigation concerns whether the offer is unfair to NASDAQ:QCOR stockholders. More specifically, the investigation concerns whether the Questcor Pharmaceuticals Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

In addition, the financial performance of Questcor Pharmaceuticals Inc improved recently. For instance, Questcor Pharmaceuticals Inc reported that its annual Total Revenue rose from $115.13 million in 2010 to $798.93 million in 2013 and that its Net Income increased from $35.07 million in 2010 to $292.61 million in 2013. Shares of Questcor Pharmaceuticals Inc (NASDAQ:QCOR) grew from $4.44 per share in February 2010 to as high as $79.46 per share in February 2014.

On April 14, 2014, NASDAQ:QCOR shares closed at $78.38 per share.

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