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Article: Taro Files Lawsuit against Sun in U.S. Federal Court.
- Article from:
- Biotech Week
- Article date:
- October 14, 2009
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Taro Pharmaceutical Industries Ltd. ("Taro," the "Company," Pink Sheets: TAROF) filed a lawsuit today against Sun Pharmaceutical Industries Ltd. and certain of its affiliates (collectively, "Sun") in the United States District Court for the Southern District of New York alleging, among other things, that Sun failed to disclose to Taro shareholders material information such as (i) the recent action by the U.S. Food and Drug Administration ("FDA") against Caraco Laboratories, Inc., Sun's majority owned U.S. subsidiary ("Caraco") in which the FDA seized $20 million in products, effectively closing down manufacturing operations of Caraco; (ii) the fact that the FDA action ...