Case Page

 

Case Status:    SETTLED
On or around 04/15/2014 (Other)

Filing Date: July 17, 2009

The original Complaint charges that Caraco and certain of its officers and directors violated federal securities laws. Specifically, it is alleged that defendants failed to disclose the following: (i) Caraco failed to meet the United States Food and Drug Administration's ("FDA") current Good Manufacturing Practice ("cGMP") requirements; (ii) Caraco failed to take corrective measures in order to have its manufacturing facilities comply with the FDA's cGMP requirements; (iii) Caraco had failed to remedy repeat violations of FDA regulations previously observed and documented by the FDA; (iv) that the foregoing significantly jeopardized the Company's ability to gain FDA approval of pending new drug applications; and (v) as a result of the above, Caraco would have to recall certain products.

On June 25, 2009, the FDA announced that U.S. Marshals had seized drug products from the Company's facilities. According to the FDA, this action followed Caraco's continued failure to meet the FDA's cGMP requirements. On this news, shares of Caraco fell approximately 43% to $2.39 per share.

On January 12, 2010, Judge Arthur J. Tarnow signed the Stipulation and Order appointing Tushar Amin as lead plaintiff and approving the lead plaintiff’s selection of Glancy Binkow & Goldberg LLP as lead counsel and the Miller Law Firm, P.C., as liaison counsel. On February 11, 2010, the lead plaintiff filed a Consolidated Amended Class Action Complaint. On April 12, 2010, the defendants filed a motion to dismiss the Consolidated Amended Complaint. The motion was granted in part and denied in part on October 21, 2010. According to the Opinion and Order, the motion to dismiss is granted in part as to Count 1 against only Defendant Sun Pharma and denying in part the remainder of the Defendant's motion.

On April 15, 2011, the plaintiffs filed a motion to certify the class. On February 28, 2012, the Court issued an Order granting the motion to certify.

On January 10, 2013, the Court issued an Order staying this case.

On February 27, 2013, the parties entered into a Stipulation of Settlement. The Settlement was preliminarily approved on March 13. On June 26, the Court issued a Final Judgment and ordered this case to be dismissed with prejudice.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: CPD
Company Market: American SE
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: E.D. Michigan
DOCKET #: 09-CV-12830
JUDGE: Hon. Robert H Cleland
DATE FILED: 07/17/2009
CLASS PERIOD START: 05/29/2008
CLASS PERIOD END: 06/25/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
  3. The Miller Law Firm PC
    950 West University Drive, Suite 300, The Miller Law Firm PC, MI 48307
    248.841.2200 248.652.2852 ·
No Document Title Filing Date
COURT: E.D. Michigan
DOCKET #: 09-CV-12830
JUDGE: Hon. Robert H Cleland
DATE FILED: 02/11/2010
CLASS PERIOD START: 05/29/2008
CLASS PERIOD END: 06/25/2009
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. The Miller Law Firm PC
    950 West University Drive, Suite 300, The Miller Law Firm PC, MI 48307
    248.841.2200 248.652.2852 ·
No Document Title Filing Date
No Document Title Filing Date