LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces a class action lawsuit has been filed against Taro Pharmaceutical Industries (“Taro” or the “Company”) (NYSE: TARO) concerning possible violations of federal securities laws between July 3, 2014 and September 9, 2016 (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the December 26, 2016 lead plaintiff motion deadline.
No class has been certified in the above action. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the complaint, Taro made false and/or misleading statements and/or failed to disclose that: since 2014 the Company has worked with other pharmaceutical companies to keep the price of generic products artificially high; that the foregoing behavior violated federal antitrust laws; that Taro’s revenues during the Class Period were the result of illegal conduct; and that as a result of the above, the Company’s public statements were materially false and misleading at all relevant times. On September 9, 2016, the Company announced that its subsidiary and two senior officers received grand jury subpoenas from the U.S. Department of Justice, Antitrust Division, seeking documents regarding the sale of generic pharmaceutical products. Then on October 17, 2016, NECA-IBEW Welfare Trust Fund filed an antitrust class action lawsuit against Taro and several other pharmaceutical companies alleging involvement in the price-fixing of Clobetasol since 2014.
Lundin Law PC was founded by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding shareholders’ rights.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.