On August 12, 2005, an Amended Complaint was filed. On September 16, 2005, the Court entered the Stipulation and Order consolidating several actions under In re Forest Laboratories, Inc. Securities Litigation. The Teamsters Affiliates Pension Plan, UNITE H.E.R.E. Staff Retirement Fund and PACE Industry Union-Management Pension Fund were appointed Lead Plaintiffs and Lerach Coughlin Stoia Geller Rudman & Robbins LLP was approved as Lead Counsel. On November 7, 2005, the Defendants responded to the Plaintiffs’ Amended Complaint by filing a motion to dismiss the Amended Complaint.
The original complaint charges Forest Labs and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Forest Labs develops, manufactures and sells prescription drug products, as well as non-prescription pharmaceutical products.
Specifically, the Complaint alleges that Forest Labs violated federal securities laws by issuing false or misleading public statements. Specifically, the Complaint alleges that Forest Labs concealed deficiencies with its Celexa/Lexapro drugs in treating adolescent depression and when Forest Labs ultimately disclosed an agreement with the New York State Attorney General to make available summaries of previously undisclosed studies on the drugs, the price of Forest Labs stock dropped to as low as $36 per share.
On July 21, 2006, the Court entered the Order granting in part and denying in part the Defendants’ motion to dismiss the Amended Complaint. On May 24, 2007, the Plaintiffs filed a motion to certify the class.
On June 03, 2008, an Amended Stipulation And Order Re: Approval Of Class Notice Procedures was entered with the court.
On September 04, 2008, a settlement conference was set for September 09, 2008 before Judge Richard M. Berman.
On December 23, 2008, Order Preliminarily Approving Settlement and Providing
For Notice was entered by the court.
On May 15, 2009, an order was granted by the court consolidating the cases, appointing lead plaintiff, and lead counsel.
On June 1, 2009, an order for payment of second quarter 2009 estimated taxes from court registry investment system was filed by the Clerk of court.
September 09, 2009, a Final Judgment was entered and Court hereby retained continuing jurisdiction over: (a) implementation of this Settlement and any award or distribution of the Settlement Fund, including interest earned thereon; (b) disposition of the Settlement Fund; (c) hearing and determining applications for attorneys' fees and expenses in the Litigation; and (d) all parties hereto for the purpose of construing, enforcing and administering the Stipulation and/or the Settlement.
On October 23, 2009, an order permitting distribution of settlement funds was issued by the court in this matter.
On November 17, 2010, an Order Permitting Distribution of Settlement Funds was issued by the Court in this settled case.
On March 9, 2011, an Order Permitting Distribution of Settlement Funds was issued by the Court.