NEW YORK, Dec. 19, 2016 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Taro Pharmaceutical Industries Ltd. (“Taro” or the “Company”) (NYSE: TARO ) of the December 27, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Taro securities between July 3, 2014 and September 9, 2016 (the “Class Period”). The case, Speakes et al v. Taro Pharmaceutical Industries, Ltd. et al , No. 1:16-cv-08318 was filed on October 25, 2016, and has been assigned to Judge Andrew Lamar Carter Jr.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose: (1) that Taro, since 2014, colluded with pharmaceutical companies to keep the price of generic products artificially high; (2) the aforementioned conduct violated federal antitrust laws; (3) sequentially, Taro’s revenues during the Class Period were the result of illegal conduct; and (4) as a result, Taro’s public statements were materially false and misleading.
Specifically, on September 9, 2016, the Company filed a Form 6-K with the Securities and Exchange Commission (“SEC”) announcing that its subsidiary, Taro USA, received a subpoena from the U.S. Department of Justice, Antitrust Division relating to corporate and employee records, generic pharmaceutical products and pricing, communications with competitors and others regarding the sale of generic pharmaceutical products, and certain other related matters.
On this news, Taro’s share price fell from $124.36 per share on September 9, 2016 to a closing price of $119.42 on September 12, 2016 —a $4.94 or a 3.97% drop.
Request more information now by clicking here: www.faruqilaw.com/TARO . There is no cost or obligation to you.
Take Action
If you invested in Taro stock or options between July 3, 2014 and September 9, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/TARO . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding Taro’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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FARUQI & FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
