SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
BAILEY DON M
(Last) (First) (Middle)
1300 NORTH KELLOGG DRIVE
SUITE D
(Street)
ANAHEIM CA 92807
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
QUESTCOR PHARMACEUTICALS INC [ QCOR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
X Officer (give title below) Other (specify below)
President & CEO
3. Date of Earliest Transaction (Month/Day/Year)
09/12/2011
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/12/2011 M 7,500 A $1.74 107,000 I Held by the Bailey 1995 Family Trust
Common Stock 09/12/2011 M 5,000 A $1.74 112,000 I Held by the Bailey 1995 Family Trust
Common Stock 09/12/2011 M 12,500 A $1.47 124,500 I Held by the Bailey 1995 Family Trust
Common Stock 09/12/2011 M 2,500 A $1.47 127,000 I Held by the Bailey 1995 Family Trust
Common Stock 09/12/2011 M 2,500 A $1.47 129,500 I Held by the Bailey 1995 Family Trust
Common Stock 09/12/2011 S 6,299 D $25.28(1) 123,201 I Held by the Bailey 1995 Family Trust
Common Stock 09/12/2011 S 8,353 D $26.26(2) 114,848 I Held by the Bailey 1995 Family Trust
Common Stock 09/12/2011 S 8,433 D $27.25(3) 106,415 I Held by the Bailey 1995 Family Trust
Common Stock 09/12/2011 S 6,415 D $28.09(4) 100,000 I Held by the Bailey 1995 Family Trust
Common Stock 09/12/2011 S 500 D $28.9(5) 99,500 I Held by the Bailey 1995 Family Trust
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)(6) $1.74 09/12/2011 M 7,500 (7) 05/17/2016 Common Stock 7,500 $0 0 I Held by the Bailey 1995 Family Trust
Stock Option (Right to Buy)(8) $1.74 09/12/2011 M 5,000 (9) 05/17/2016 Common Stock 5,000 $0 0 I Held by the Bailey 1995 Family Trust
Stock Option (Right to Buy)(10) $1.47 09/12/2011 M 12,500 (11) 12/31/2016 Common Stock 12,500 $0 2,500 I Held by the Bailey 1995 Family Trust
Stock Option (Right to Buy)(12) $1.47 09/12/2011 M 2,500 (13) 12/31/2016 Common Stock 2,500 $0 7,500 I Held by the Bailey 1995 Family Trust
Stock Option (Right to Buy)(14) $1.47 09/12/2011 M 2,500 (15) 12/31/2016 Common Stock 2,500 $0 0 I Held by the Bailey 1995 Family Trust
Explanation of Responses:
1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.67-$25.65, inclusive. The reporting person undertakes to provide Questcor Pharmaceuticals, Inc., any security holder of Questcor Pharmaceuticals, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Footnote 1 of the Form 4.
2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $25.67-$26.62, inclusive. The reporting person undertakes to provide Questcor Pharmaceuticals, Inc., any security holder of Questcor Pharmaceuticals, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Footnote 2 of the Form 4.
3. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $26.68-$27.65, inclusive. The reporting person undertakes to provide Questcor Pharmaceuticals, Inc., any security holder of Questcor Pharmaceuticals, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Footnote 3 of the Form 4.
4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $27.68-$28.51, inclusive. The reporting person undertakes to provide Questcor Pharmaceuticals, Inc., any security holder of Questcor Pharmaceuticals, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Footnote 4 of the Form 4.
5. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $28.69-$29.17, inclusive. The reporting person undertakes to provide Questcor Pharmaceuticals, Inc., any security holder of Questcor Pharmaceuticals, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Footnote 5 of the Form 4.
6. Stock options were granted under the Questcor Pharmaceuticals, Inc. 2004 Non-Employee Director Equity Incentive Plan on May 18, 2006.
7. Stock options were fully vested and exercisable as of May 18, 2006.
8. Stock options were granted under the Questcor Pharmaceuticals, Inc. 2004 Non-Employee Director Equity Incentive Plan on May 18, 2006.
9. Stock options were fully vested and exercisable as of May 18, 2006.
10. Stock options were granted under the Questcor Pharmaceuticals, Inc. 2004 Non-Employee Director Equity Incentive Plan on January 1, 2007.
11. Stock options were fully vested and exercisable as of January 1, 2011.
12. Stock options were granted under the Questcor Pharmaceuticals, Inc. 2004 Non-Employee Director Equity Incentive Plan on January 1, 2007.
13. Stock options were fully vested and exercisable as of January 1, 2007.
14. Stock options were granted under the Questcor Pharmaceuticals, Inc. 2004 Non-Employee Director Equity Incentive Plan on January 1, 2007.
15. Stock options were fully vested and exercisable as of January 1, 2011.
Remarks:
As of the date of this Form 4, Mr. Bailey holds Questcor Pharmaceuticals, Inc. stock options to purchase 1,623,339 shares of common stock; of such amount, 969,587 shares are fully vested and exercisable. Mr. Bailey also directly holds 147,922 shares of Questcor Pharmaceuticals, Inc. common stock.
/s/ Don M. Baley 09/14/2011
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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