Able Labs (NASDAQ:ABRX)
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Finkelstein, Thompson & Loughran Announces Investigation of Able
Laboratories, Inc.
WASHINGTON, May 25 /PRNewswire/ -- The law firm of Finkelstein, Thompson, and
Loughran announces that a lawsuit seeking class action status has been filed in
the United States District Court for the District of New Jersey on behalf of
all purchasers of publicly traded securities of generic drug manufacturer Able
Laboratories, Inc. (NASDAQ:ABRX) between October 31, 2002 and May 18, 2005,
inclusive (the "Class Period"). Finkelstein, Thompson, & Loughran is
investigating similar claims at this time and welcomes inquiries from potential
class members concerning their rights and interests in this matter.
The lawsuit alleges that Able Laboratories violated federal securities laws by
issuing false or misleading public statements. Specifically, the lawsuit
alleges that Able Laboratories failed to disclose or indicate that Able
Laboratories' testing practices significantly deviated from standard operating
procedures employed in the industry, creating a risk that the company would
suffer business disruptions which would have a material adverse effect on the
value of its securities.
On May 19, 2005, Able Laboratories announced that it was suspending all its
product shipments due to quality control problems resulting from significant
departures from standard industry operating procedures with respect to
laboratory testing procedures for their products. This prompted the immediate
resignation of Dhananjay Wadekaras the company's Chairman and CEO.
In reaction to this news, Able Laboratories' share price plummeted, falling
from a close of $24.63 on May 18, 2005 to a close of $6.26 on May 19, 2005 -- a
decline of $18.37, or 74.5%.
Thereafter, on May 23, 2005, Able Laboratories announced that it was suspending
all manufacture and distribution of its products, was instituting a mass recall
of all of its products, and was withdrawing seven Abbreviated New Drug
applications it had filed with the FDA. On this news, the share price dropped
again, closing at $5.05 on May 23rd, 2005.
If you are a member of the class, you may, no later than July 22, 2005, request
that the Court appoint you as a lead plaintiff. A lead plaintiff is a class
member appointed by the Court to direct the litigation on behalf of the class.
Although a class member need not be appointed as a lead plaintiff to receive a
proportionate share of any proceeds of the litigation, lead plaintiffs make
important decisions that could affect the prosecution of the class claims,
including decisions concerning settlement. The securities laws create a
rebuttable presumption that the plaintiff with the largest financial interest
in the litigation is the most adequate to serve as a lead plaintiff.
With offices in Washington, DC and San Francisco, CA, Finkelstein, Thompson &
Loughran has spent almost three decades delivering outstanding representation
to institutional and individual clients in connection with securities and other
finance-related litigation, and has been appointed as lead or co-lead counsel
in dozens of shareholder class actions. Indeed, in the past ten years, the firm
has served in leadership roles in cases that have recovered over $1 billion for
investors and consumers.
If you have any questions concerning this press release or your rights or
interests, please contact Finkelstein, Thompson & Loughran's Washington, DC
office at (866) 592-1960, or by email at .
DATASOURCE: Finkelstein, Thompson & Loughran
CONTACT: Finkelstein, Thompson & Loughran, +1-866-592-1960, or
Web site: http://www.ftllaw.com/