KV Pharmaceutical Co. faces class action lawsuit from its own shareholders. The lawsuit charges the company’s compliance with federal regulations concerning the manufacture and marketing of generic drug products as well as the company’s current and future financial prospects.
To describe, the lawsuit accuses the company of failure to disclose that its manufacturing facilities were in disarray resulting in the manufacture of unsafe drug products that would have to be recalled.
San Diego-based Coughlin Stoia Geller Rudman & Robbins LLP filed the lawsuit in federal court in St. Louis on behalf of shareholders who purchased KV stock between Feb. 15 and Nov. 12 this year. The suit seeks unspecified damages, according to the firm.
Brentwood-based KV Pharmaceutical (NYSE: KVa, KVb) develops and markets pharmaceutical products, including branded and generic drugs.
Source: St. Louis Business Journal