NEW YORK, NY (September _, 2024) – The Court has granted final approval of the $36 million securities class action settlement with Taro Pharmaceuticals, Ltd. (“Taro”) and two of the company’s officers.
The action alleged that Taro violated the federal securities laws by issuing materially false and misleading statements about Taro’s purported competition and the cause of Taro’s price increases and sales growth – all while Taro fixed prices on at least seven drugs with other generic drug companies. Taro’s investors were harmed after two disclosures revealed that Taro was under investigation by the Department of Justice for price fixing, which caused a material decline in Taro’s stock price.
Bernstein Liebhard reached the $36 million settlement after seven and a half years of litigation.
Speakes v. Taro Pharmaceutical Industries, Ltd., Case No.: 16-cv-08318-ALC-OTW is docketed in the U.S. District Court for the Southern District of New York.
