According to a press release dated October 20, 2011, the Plaintiffs allege that the Defendants issued false and/or misleading statements concerning the Company's business and financial prospects. Specifically, the Complaint alleges that defendants misrepresented that the Food and Drug Administration (FDA) had granted the Company the exclusive distribution rights over a drug used to prevent miscarriages, and that the FDA would enforce those rights by preventing the Company’s competitors from distributing generic formulations of the drug. The Complaint further alleges that defendants failed to disclosed that the drug's $1,500 price actually would reduce the availability of low-income and other at-risk groups
On March 8, 2012, the Court issued an order consolidating cases 4:11CV01816 AGF, 4:11CV01888 CEJ, and 4:11CV01905 RWS.
On May 3, 2012, the Court issued an order appointing Lead Plaintiff and approving the selection of Lead Counsel.
On July 24, 2012, the Plaintiffs filed their amended and consolidated complaint.
On August 15, 2012, the Court issued an Order staying this case during the pendency of defendant's bankruptcy proceedings. On February 12, 2013, the Court entered an Order lifting this stay as it applies to the non-bankrupt individual Defendants.
On March 27, 2014, the Court issued an Order granting Defendants' motion to dismiss. Plaintiffs were given leave to file an amended complaint. Plaintiffs filed a Motion for Reconsideration of this Order on April 16. This Motion was subsequently denied by the Court on June 6, and judgment was entered in favor of the Defendants. The Plaintiffs appealed the Dismissal to the Court of Appeals.