Taro investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Taro is a pharmaceutical company that offers prescription and over-the-counter pharmaceutical products focusing on primary areas, including topical creams and ointments, liquids, capsules, and tablets in the dermatological and topical, cardiovascular, neuropsychiatric, and anti-inflammatory therapeutic categories.
The complaint alleges that during the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) since 2014, Taro has colluded with other pharmaceutical companies to keep the price of generic products artificially high; (2) the foregoing conduct violated federal antitrust laws; (3) in turn, Taro’s revenues during the Class Period were the result of illegal conduct; and (4) as a result, Taro’s public statements were materially false and misleading at all relevant times.
According to the complaint, on September 9, 2016, the company filed a Form 6-K with the SEC announcing that its subsidiary, Taro USA, received a subpoena from the U.S. Department of Justice, Antitrust Division, “seeking documents relating to corporate and employee records, generic pharmaceutical products and pricing, communications with competitors and others regarding the sale of generic pharmaceutical products.”
Following this news, shares of Taro fell $4.94 per share, or almost 4% from its previous closing price, to close at $119.42 per share on September 12, 2016, the following trading day (incorrectly reported as September 23, 2016 in the complaint).
On October 17, 2016, NECA-IBEW Welfare Trust Fund, an employee health and welfare benefit fund, filed an antitrust class action lawsuit in the U.S. District Court for the Southern District of New York against Taro, Taro USA, and several other pharmaceutical companies alleging that they engaged in the price-fixing of Clobetasol since 2014 in violation of the U.S. antitrust laws.
If you are a member of the class described above, you may no later than December 26, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org.
Kessler Topaz Meltzer & Check, LLP
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