Case Page

 

Case Status:    SETTLED
On or around 08/25/2010 (Date of order of final judgment)

Filing Date: May 23, 2005

Several purported shareholder class action lawsuits have been filed against Able Laboratories, Inc. and certain of its present and former executive officers charging the defendants with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's laboratory testing practices significantly deviated from standard operating procedures employed in the industry; (2) that as a consequence of the foregoing, the Company suspended shipment of all of its products and had to withdraw seven of its approved Abbreviated New Drug Applications filed with the FDA; and (3) that this disruption of business would have a material adverse effect on the Company's business and results of operations.

The complaint further alleges that on or around May 19, 2005, Able announced that it had identified apparent departures from standard operating procedures with respect to certain laboratory testing practices. On the same day, Able also announced that defendant, the Company's Chairman and Chief Executive Officer, would be resigning from those positions. The news shocked the market. Shares of Able fell $18.37 per share, or 74.59 percent, on May 19, 2005, to close at $6.25 per share.

NOTE: On July 18, 2005, Able filed a petition to reorganize under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey, Trenton Division. Able is no longer named as a defendant.

On January 26, 2006, the Court entered the Order signed by U.S. District Judge Joseph A. Greenaway, Jr., consolidating the actions with 05-2681. On March 17, 2006, the Court entered the Order granting the motions to appoint of Deka International (Ireland) and the Denver Employees Retirement Plan as lead plaintiffs and Grant & Eisenhofer P.A. and Murray, Frank & Sailer LLP as co-lead counsel. On June 19, 2006, the plaintiffs filed a Consolidated Class Action Complaint, and on September 12, 2006, the defendants filed motions to dismiss the Consolidated Class Action Complaint. On June 29, 2007, the Court entered the Order denying the Defendants’ motion to dismiss. Defendants filed motions for reconsideration, which were denied on March 24, 2008.

On March 19, 2009 the judge provisionally closed the case in light on a pending settlement agreement. The order stipulates that the case may be reopened if the settlement is not consummated. On May 14, 2009, the lead plaintiffs filed a motion to reopen the case to allow consummation of settlement. On December 11, 2009, the motion to reopen the case to consummate settlement was granted. On January 4, 2010, a Stipulation and Agreement of Settlement was filed. The proposed settlement is in the amount of $9,150,000 in cash. On February 24, 2010, the settlement was preliminarily approved. The Fairness Hearing is scheduled on June 16, 2010.

On August 25, 2010, the Court entered the Order and Final Judgment signed by Chief Judge Garrett E. Brown, Jr. The settlement was approved and co-lead counsel was awarded attorney fees and expenses. The case is now dismissed with prejudice and closed.

COMPANY INFORMATION:

Sector: Healthcare
Industry: Biotechnology & Drugs
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ABRX
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. New Jersey
DOCKET #: 05-CV-02681
JUDGE: Hon. Madeline C. Arleo
DATE FILED: 05/23/2005
CLASS PERIOD START: 10/31/2002
CLASS PERIOD END: 05/18/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy, LLP (New York)
    212 East 39th Street, Abbey Gardy, LLP (New York), NY 10016
    212.889.3700 · info@abbeygardy.com
  2. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  3. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  4. Chitwood & Harley LLP (Atlanta)
    7945 East Paces Ferry Road, 1400 Resurgens Plaza, Chitwood & Harley LLP (Atlanta), GA 30326
    404.266.1650 · info@chitwoodlaw.com
  5. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  6. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  7. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
  8. Law Offices of Brian M. Felgoise, P.C.
    Esquire at 261 Old York Road, Suite 423, Law Offices of Brian M. Felgoise, P.C., PA 19046
    215.886.1900 · securitiesfraud@comcast.net
  9. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  10. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  11. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (NY)
    200 Broadhollow Road, Suite 406, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (NY), NY 11747
    631-367-7100 631-367-1173 ·
  12. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  13. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  14. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  15. Schoengold Sporn Laitman & Lometti PC
    19 Fulton Street, Suite 406, Schoengold Sporn Laitman & Lometti PC, NY 10038
    212.964.0046 212.267-8137 · shareholderrelations@spornlaw.com
  16. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
  17. Spector, Roseman & Kodroff (Philadelphia)
    1818 Market Street; Suite 2500, Spector, Roseman & Kodroff (Philadelphia), PA 19103
    215.496.0300 215.496.6610 · classaction@srk-law.com
No Document Title Filing Date
COURT: D. New Jersey
DOCKET #: 05-CV-02681
JUDGE: Hon. Madeline C. Arleo
DATE FILED: 06/19/2006
CLASS PERIOD START: 10/30/2002
CLASS PERIOD END: 05/18/2005
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ)
    220 St. Paul Street, Bernstein Litowitz Berger & Grossmann LLP (Westfield, NJ), NJ 07090
    908.928.1700 908.301.9008 · blbg@blbglaw.com
  2. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  3. Grant & Eisenhofer (Wilmington)
    1201 N. Market Street, Suite 2100, Grant & Eisenhofer (Wilmington), DE 19801
    302.622.7000 302.622.7100 · lawyers@gelaw.com
  4. Lite DePalma Greenberg, LLC (Newark)
    Two Gateway Center - 12th Floor, Lite DePalma Greenberg, LLC (Newark), NJ 07102-5003
    973.623.3000 ·
  5. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  6. Shalov Stone & Bonner LLP (New York)
    485 Seventh Avenue, Suite 1000, Shalov Stone & Bonner LLP (New York), NY 10018
    212.239.4340 212.239.4310 · lawyer@lawssb.com
No Document Title Filing Date
No Document Title Filing Date