KV Pharmaceutical Company (NYSE: KV-A, KV-B, KVPHP) Investor Class Action Lawsuit Deadline
K-V Pharmaceutical Company (NYSE: KV-A, KV-B, and KVPHP) Investor Deadline 01/30/09 In The Shareholder Class Action Lawsuit ++ Go To -> www.ShareholdersFoundation.com & Never Miss A Deadline +++
Shares of KV Pharmaceutical plummeted to an all-time low Monday morning after the company said it would voluntary recall most of its products and halted its manufacturing and shipping operations. In a regulatory filing Monday, the company warned investors that the FDA could pursue "judicial proceedings and criminal prosecution."
A deadline is coming up soon in the shareholder class action lawsuit against KV Pharmaceutical over alleged violations of federal securities laws. The deadline will expire on January 30, 2009.
If you are a current shareholders and / or purchased KV Pharmaceutical Company Class A Common Stock (NYSE: KV-A), Class B Common Stock (NYSE: KV-B) and 7% cumulative convertible Preferred Stock (Symbol: KVPHP or CUSIP: 482740305) during the period between February 15, 2008 and November 12, 2008, you have certain options and there are strict and short deadlines running. (January 30, 2009). You should contact the Shareholders Foundation, Inc. immediately!
The announcement of KV to recall most of its products followed two product recalls in November and December linked to oversize tablets, including painkillers and attention-deficit disorder drugs, which could deliver dangerously large doses.
On Tuesday, December 02, 2008, a shareholder of KV Pharmaceutical Company has filed a proposed securities class action lawsuit in in the United States District Court for the Eastern District of Missouri on behalf of purchasers of KV Pharmaceutical Company Class A Common Stock (NYSE: KV-A), Class B Common Stock (NYSE: KV-B) and 7% cumulative convertible Preferred Stock (Symbol: KVPHP or CUSIP: 482740305) during the period between February 15, 2008 and November 12, 2008 against KV Pharmaceutical Company over alleged violations of Federal Securities Laws. According to the complaint the plaintiff alleges that KV Pharmaceutical Company ('KV' NYSE: NYSE: KV.A, KV.B, and KVPHP) and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements about KV's compliance with federal regulations concerning the manufacture and marketing of certain generic drug products as well as its current and future financial prospects. Then, on November 13, 2008, KV announced that it would be unable to file its Form 10-Q for the quarter ended September 30, 2008 due to a continuing investigation by the KV's Audit Committee into allegations of management misconduct concerning recalls of the KV's drug products and as a result of this news the price of KV common stock fell from $14.26 per share to $5.90 per share - a drop of nearly 59% - on extremely heavy volume of more than 6.6 million shares, 33 times the stock's average trading volume, so the lawsuit. Two days before Christmas, KV Pharmaceutical Co. lost half its value in New York trading after the drugmaker, announcing a fourth recall of medicines that may contain excess doses, stopped shipping prescription tablets, according to Bloomberg News. In late December, KV Pharmaceutical reportedly said it suspended shipments of all its drugs in tablet form and recalled a single production lot of the painkiller Hydromorphone HCl 2 mg tablets because the tablets are oversized. Last week a second lawsuit has been filed on behalf of shareholders against KV Pharmaceutical Co. n the U.S. District Court for the Eastern District of Missouri alleging that KV Pharmaceutical failed to disclose that KV's manufacturing facilities were in disarray, resulting in the manufacture of unsafe drug products, and that KV Pharmaceutical's management engaged in misconduct by failing to recall unsafe drugs and that manufacturing disruptions had caused a backlog of unshipped customer orders, eroding the company's revenues and earnings, according to the suit. KV Pharmaceutical also announced changes in Senior Management and removed former CEO Marc Hermelin, and announced a new chairman of the Board of Directors.
Fierce Pharma reported that last year, federal regulators seized $24 million in drug products from KV Pharmaceutical's manufacturing facilities after the company ignored warnings to discontinue the manufacturing and distribution of unapproved products. Shareholders are also seeking damages for KV's failure to write-off that $24 million in discontinued products.
KV pharmaceuticals said the recent recall and suspension would have a significant impact on its financial position and warned that it could default on its credit agreement.
Interim President and CEO David Van Vliet said that "The new leadership team at KV realizes that we are in a very challenging time for the company," and that "We are committed, however, to resolving these issues and resuming production as soon as possible by working closely with the FDA and the independent experts from Lachman Consultant Services."
KV Pharmaceutical's board of directors also said it formed a special five-person committee to respond to charges that the company violated certain securities laws. The company is also responding to requests for information from the Office of the United States Attorney for the Eastern District of Missouri and FDA representatives working with that office.
If you are a current shareholders and / or purchased KV Pharmaceutical Company Class A Common Stock (NYSE: KV-A), Class B Common Stock (NYSE: KV-B) and 7% cumulative convertible Preferred Stock (Symbol: KVPHP or CUSIP: 482740305) during the period between February 15, 2008 and November 12, 2008, you have certain options and there are strict and short deadlines running. (January 30, 2009). You should contact the Shareholders Foundation, Inc. immediately!
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739 Mail@ShareholdersFoundation.com www.ShareholdersFoundation.com
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