NEW YORK- May 26, 2005 – LAWFUEL – The Law News Network – On May 24, 2005, a class action was commenced on behalf of all persons who purchased the securities of Able Laboratories, Inc. (NASDAQ: ABRX), in the period from May 6, 2003, through May 18, 2005. The complaint is available at www.lawssb.com
According to the complaint, throughout the relevant time period, the company’s earnings releases and SEC filings contained materially false and misleading representations because they failed to disclose that: the company’s product testing procedures failed to satisfy standard industry and manufacturing practices established by the FDA; the company was confronting potentially crippling liabilities and penalties resulting from its breaches of proper manufacturing practices; the company’s breaches endangered not only its present drug offerings, but also the likelihood that drugs in development would gain FDA approval; and the company’s apparent success was due, in material part, from cost savings derived from cutting corners and failing to put in place a system of operational controls to ensure compliance with applicable regulations and manufacturing practices. The lawsuit was filed in the United States District Court for the District of New Jersey.
Plaintiffs are represented by the law firm of Shalov Stone & Bonner LLP, which has extensive experience in the prosecution of class actions on behalf of investors. For more information about Shalov Stone & Bonner LLP, please visit the firm’s website at: www.lawssb.com
If you would like additional information about the lawsuit, please contact Thomas G. Ciarlone, Jr., at Shalov Stone & Bonner LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; e-mail: [email protected]).
Contact Shalov Stone & Bonner LLP Thomas G. Ciarlone, Jr., 212-239-4340 or Facsimile 212-239-4310 [email protected] http://www.lawssb.com