Taro gets bad news
This article was originally published in The Tan Sheet
Two class action suits allege Securities Exchange Act violations by generics firm Taro Pharmaceutical Industries. Suits say the company failed to disclose "adverse factors that were having a negative impact on Taro's financial performance" such as the "increased competitive pressures" the firm was experiencing in the generic drugs business. Philadelphia-based law firm Berger & Montague and New York-based firm Abbey Gardy allege that Taro disregarded hefty costs to develop its branded Rx drug business. Both complaints are filed on behalf of all Taro securities purchasers from Feb. 20 2003 to July 29, 2004...
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