Taro Pharmaceutical Industries Ltd (NYSE: TARO) Investor Securities Class Action Lawsuit 10/25/2016

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Company Name(s): 
Taro Pharmaceutical Industries
Case Name: 
Taro Pharmaceutical Industries Shareholder Class Action Lawsuit 10/25/2016
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: TARO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/25/2016
Class Period Begin: 
07/02/2014
Class Period End: 
11/03/2016
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
12/26/2016
Summary: 

October 11, 2017 - Defendants filed a motion to dismiss.

June 19, 2017 - The lead plaintiff filed a corrected amended complaint.

May 22, 2017 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Taro Pharmaceutical Industries Ltd (NYSE: TARO) common shares between July 2, 2014 and November 3, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between July 2, 2014 and November 3, 2016.

January 23, 2017 - Lead plaintiff and lead counsel were appointed.

December 27, 2017 - Lead plaintiff motions were filed.

October 25, 2016 - An investor in shares of Taro Pharmaceutical Industries Ltd (NYSE: TARO) filed a lawsuit in the U.S. District Court for the Southern District for New York over alleged violations of Federal Securities Laws by Taro Pharmaceutical Industries Ltd in connection with certain allegedly false and misleading statements made between July 3, 2014 and September 9, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Taro Pharmaceutical Industries Ltd (NYSE: TARO) common shares between July 3, 2014 and September 9, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 3, 2014 and September 9, 2016 the defendants made false and/or misleading statements and/or failed to disclose that since 2014 Taro Pharmaceutical Industries Ltd has colluded with other pharmaceutical companies to keep the price of generic products artificially high, that the foregoing conduct violated federal antitrust laws, that in turn, Taro Pharmaceutical Industries Ltd's revenues during the Class Period were the result of illegal conduct, and that as a result, Taro Pharmaceutical Industries Ltd's public statements were materially false and misleading at all relevant times.

Taro Pharmaceutical Industries Ltd reported that its Total Revenue rose from $862.94 million for the 12 months period that ended on March 31, 2015 to $950.75 million for the 12 months period that ended on March 31, 2016 and that its Net Income for those time periods increased from $484.26 million to $540.93 million.

On September 9, 2016, Taro Pharmaceutical Industries Ltd disclosed it and two of its senior officers received grand jury subpoenas in connection with a federal antitrust investigation into generic drug pricing.

Shares of Taro Pharmaceutical Industries Ltd (NYSE: TARO) declined from $145.20 per share in August 2016 to as low as $101.02 per share on October 20, 2016.