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The complaint alleges that, throughout the Class Period, the defendants violated the federal securities laws by misrepresenting and failing to disclose material adverse facts. More specifically, the complaint alleges that the defendants failed to disclose: (1) that Caraco failed to meet the FDA's current Good Manufacturing Practice ("cGMP") requirements; (2) that Caraco failed to take corrective measures to have its manufacturing facilities comply with the FDA's cGMP requirements; (3) that Caraco failed to remedy repeat violations of FDA regulations the FDA had previously observed and documented; (4) that as a result of the foregoing, Caraco's ability to gain FDA approval of pending new drug applications was considerably jeopardized; and (5) that as a result of the above, Caraco would have to recall certain of its products.
According to the complaint, on June 25, 2009, the FDA announced that because Caraco failed to meet the FDA's cGMP requirements, U.S. Marshalls seized drug products Caraco manufactured from several of the Company's facilities. Following this announcement, Caraco's stock fell significantly.
Shalov Stone Bonner & Rocco LLP has extensive experience in the prosecution of class actions on behalf of investors. For more information about the firm, please visit its website at: www.lawssb.com
If you would like additional information about the lawsuit or would like to participate in it, please contact investor rights attorney Amanda C. Scuder, at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; email: ascuder@lawssb.com).
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Amanda C. Scuder - Attorney SHALOV STONE BONNER & ROCCO LLP Telephone: (212) 239-4340 Facsimile: (212) 239-4310 Email: Email Contact http://www.lawssb.com
SOURCE: Shalov Stone Bonner & Rocco LLP
http://www2.marketwire.com/mw/emailprcntct?id=27713E395947932C http://www.lawssb.com
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