Questcor (QCOR) Board Increases Share Buyback Program Authorization By 6.5M Shares
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Questcor Pharmaceuticals, Inc. (Nasdaq: QCOR) announced that its Board has increased the Company's common share repurchase program authorization by an additional 6.5 million shares. In late February 2008, the Board authorized the repurchase of up to 7.0 million shares. Under this original authorization, as of June 1, 2009, the Company has repurchased approximately 5.9 million shares, including 1.3 million in the first quarter of 2009, and 1.0 million to date during the second quarter of 2009. The additional 6.5 million share authorization represents approximately 10 percent of the Company's outstanding common stock. As of March 31, 2009, Questcor had 64.6 million common shares outstanding.
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