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Shalov Stone Bonner & Rocco LLP Announces Investor Class Action Against Caraco Pharmaceutical Laboratories, Ltd.

Posted on: Wed, 05 Aug 2009 11:55:00 EDT

Symbols: CPD

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NEW YORK, NY, Aug 05, 2009 (MARKETWIRE via COMTEX) --
CPD | Quote | Chart | News | PowerRating -- Shalov Stone Bonner & Rocco LLP announces that a class action
lawsuit has been filed on behalf of purchasers of the securities of
Caraco Pharmaceutical Laboratories, Ltd. ("Caraco" or the "Company")
(AMEX: CPD | Quote | Chart | News | PowerRating) between May 29, 2008 and June 25, 2009, inclusive (the
"Class Period"). The lawsuit is pending in the United States
District Court for the Eastern District of Michigan against Caraco;
Daniel H. Movens, Caraco's Chief Executive Officer, and a director;
and Mukul Rathi, the Company's Interim Chief Financial Officer.

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

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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