RADNOR, Pa., Nov. 22, 2016 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against Taro Pharmaceutical Industries Ltd. (NYSE:TARO) (“Taro” or the “Company”) on behalf of purchasers of the Company’s securities between July 3, 2014 and September 9, 2016, inclusive (the “Class Period”). 

Taro shareholders who purchased their securities during the Class Period may, no later than December 26, 2016, petition the Court to be appointed as a lead plaintiff representative of the class. 

Shareholders who wish to discuss this action or request additional information about the lawsuit are encouraged to contact Kessler Topaz Meltzer & Check attorneys D. Seamus Kaskela or Adrienne O. Bell at (888) 299 - 7706 or online at: https://www.ktmc.com/new-cases/taro-pharmaceutical-industries-ltd#join.

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 shareholder class action complaint alleges that, during the Class Period, Taro and certain of its executive officers 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.

As detailed in the complaint, on September 9, 2016, Taro disclosed the receipt of 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 disclosure, shares of the Company’s stock fell $4.94 per share, or nearly 4%, to close the following trading day at $119.42 per share.

Taro shareholders may, no later than December 26, 2016, petition the Court to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check or other counsel, or may choose to do nothing and remain an absent class member.  A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  In order to be appointed as a 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 in the action.  Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.  For additional information, or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/taro-pharmaceutical-industries-ltd#join.

Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country.  Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.  The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars).  The complaint in this action was not filed by Kessler Topaz Meltzer & Check.  For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne O. Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299 - 7706
(610) 667 - 7706
info@ktmc.com