EQUITY ALERT: Rosen Law Firm Announces Filing of Securities Class Action Lawsuit Against Taro Pharmaceutical Industries Ltd. - TARO
NEW YORK, Dec. 02, 2016 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of Taro Pharmaceutical Industries Ltd. securities (NYSE:TARO) from July 3, 2014 through September 9, 2016, both dates inclusive (the “Class Period”).
To join the Taro Pharmaceutical class action, go to http://www.rosenlegal.com/cases-971.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) since 2014 Taro Pharmaceutical has colluded with other pharmaceutical companies to keep the price of generic products artificially high; (2) the foregoing conduct violated federal antitrust laws; (3) in turn, Taro Pharmaceutical’s revenues during the Class Period were the result of illegal conduct; and (4) as a result, Taro Pharmaceutical’s public statements were materially false and misleading at all relevant times. On September 9, 2016, Taro Pharmaceutical revealed that its subsidiary and two senior officers received grand jury subpoenas from the United States Department of Justice, Antitrust Division, seeking documents regarding the sale of generic pharmaceutical products. On this news, shares of Taro Pharmaceutical fell $4.94 per share or almost 4% to close at $119.42 per share on September 23, 2016. On October 17, 2016, NECA-IBEW Welfare Trust Fund filed an antitrust class action lawsuit against Taro Pharmaceutical and several other pharmaceutical companies alleging that they engaged in the price-fixing of Clobetasol since 2014 in violation of the U.S. antitrust laws.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than December 27, 2016. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-971.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim or Kevin Chan of Rosen Law Firm toll free at 866-767-3653 or via email at pkim@rosenlegal.com or kchan@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. Kevin Chan, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 34th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com kchan@rosenlegal.com www.rosenlegal.com
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