KSDK -- Approximately 700 employees at KV Pharmaceutical will be either laid off or terminated as the company attempts to cut costs.
In a statement released to the media Monday, the company said it "has encountered a number of substantial challenges over the past months." The company issued a voluntary recall recently for some of its products, and halted production and shipment.
The company expects to recall some of the employees when it resumes full operation.
KV Pharmaceutical describes itself as a company that develops, manufactures, markets, and acquires technology-distinguished branded and generic/non-branded prescription drug products.