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CPD: U.S. Marshals and FDA Seize Products Manufactured in Michigan Facility

Posted on: Fri, 26 Jun 2009 07:57:00 EDT

Symbols: CPD

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Ridgeland, MS, JUN 26, 2009 (EventX/Knobias.com via COMTEX) --
CPD | Quote | Chart | News | PowerRating -- By Fain Hughes, fhughes@knobias.com

Caraco Pharmaceutical Laboratories, Ltd. (CPD) announced that U.S. Marshals, at the request of the FDA, today arrived and seized drug products manufactured in its Michigan facilities. The seizure also included ingredients held at these same facilities. The FDA's most recent inspection of Caraco's Detroit facility, completed in May 2009, found unresolved violations of cGMP requirements. The Company believes that corrective actions have been made and continual improvements are in process. The FDA has only seized products manufactured in its Michigan facilities. Products distributed by Caraco that are manufactured outside of these facilities are not impacted.

While the Company has not fully determined the impact of this action by the FDA on its financial condition, the Company believes that it may have a material adverse effect on our near term operations. The Company anticipates working with the FDA to resolve these concerns as effectively and expeditiously as possible. The Company will provide updates as information becomes available.

KNOBIAS DISCLAIMER: All statements made in this article were made by the Company and do not in any way reflect the opinions of Knobias. Knobias is not a registered broker-dealer, nor investment advisor, and does not endorse or recommend any securities mentioned. This story is provided for informational purposes only and is not intended for trading purposes. Knobias shall not be liable for any actions taken in reliance of any information provided herein. Republication or redistribution of Knobias content is expressly prohibited without prior written consent of Knobias.com, LLC.

ABOUT KNOBIAS: Knobias is a premier financial information provider of trading and investing data covering all U.S. equities for investors and security professionals. Knobias is best described by its three major components: Real-time desktop applications providing quotes, charts, level 2, analysis etc.; Knobias RAiDAR providing thousands of real-time news stories, alerts and documents daily; Knobias fundamentals providing a comprehensive database of fundamental research information.

If your company wishes to participate in the EventX newswire, please contact Knobias: http://www.knobias.com

Knobias.com, LLC
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For full details on Caraco Pharm Labs (CPD) CPD. Caraco Pharm Labs (CPD) has Short Term PowerRatings at TradingMarkets. Details on Caraco Pharm Labs (CPD) Short Term PowerRatings is available at This Link.

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