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Case Details for "KV Pharmaceutical Company "
Investigation regarding potential violation of the Employee Retirement Income Security Act of 1974 ("ERISA") by fiduciaries of KV Pharmaceutical Company Profit Sharing Plan and Trust,the company's 401(k) plan.
Investigation regarding potential violation of the Employee Retirement Income Security Act of 1974 ("ERISA") by fiduciaries of KV Pharmaceutical Company Profit Sharing Plan and Trust,the company's 401(k) plan.
The investigation questions whether certain fiduciaries of the Plan knew or should have known that its statements regarding its financial health and manufacturing processes were inaccurate. Specifically, whether KV breached its fiduciary obligations under ERISA: (1) by continuing to offer KV common stock as an investment option for participant contributions when it was imprudent to do so; (2) by failing to take action to sell KV stock or otherwise protect the Plan's assets; and (3) by failing to adequately disclose alleged problems with manufacturing processes and alleged non-compliance with FDA regulations.
There have recently been class actions filed on behalf of shareholders. However, current and former employees have additional rights under ERISA which are not covered by the actions already filed.
Posted on:01/20/2009
Company: KV Pharmaceutical Company
Affected Class:
Scope: Nationwide
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