Feds Probe Questcor Pharmaceuticals, Inc. (Headquarters) Promotional Practices
Published: Sep 24, 2012
Questcor Pharmaceuticals Inc. (QCOR) fell as much as 31 percent after disclosing the company’s marketing practices are being investigated by the U.S. government. Questcor dropped 29 percent to $21.40 at 7:37 a.m. New York time, in trading before the market open, after earlier touching as low as $20.75. The Anaheim, California-based company has fallen 28 percent this year before today. Questcor plunged the most in 20 years last week after insurer Aetna Inc. said it would limit coverage of Questcor’s top-selling drug, H.P. Acthar, a treatment for multiple sclerosis and infant seizures. The drug accounts for most of Questcor’s sales. Marko Kozul, an analyst at Leerink Swann in San Francisco, downgraded the stock to market perform today.