On August 25, 2010, the Honorable Garrett E. Brown, Jr. of the United States District Court for the District of New Jersey granted final approval to the $9,150,000 class action settlement in In re Able Laboratories Securities Litigation, No. 05-CV-02681-GEB-MCA (D.N.J.).
Labaton Sucharow was appointed lead counsel for Plaintiff Deka International (Ireland) Limited and co-lead counsel for the class. Grant & Eisenhofer P.A. was appointed lead counsel for Plaintiff Denver Employees' Retirement Plan and co-lead counsel for the class. Defendants are certain former officers and directors of Able Laboratories, Inc. ("Able"), a now-defunct generic drug manufacturer.
If you purchased or acquired Able's common stock during the period from October 30, 2002 through and including May 18, 2005, you may be able to recover if you submitted a Proof of Claim with supporting documents by June 30, 2010. A Fairness Hearing was held on June 16, 2010 at 1:00 p.m. before Chief Judge Garrett E. Brown in Courtroom 4E of the Clarkson S. Fisher United States Courthouse, 402 East State Street, Trenton, New Jersey 08608.
Plaintiffs alleged that Defendants made materially false and misleading statements during the Class Period regarding Able's business and prospects in order to artificially inflate the value of Able stock. Specifically Defendants represented that Able had numerous Abbreviated New Drug Applications that were approved or were pending with the United States Food and Drug Administration. Defendants allegedly failed to disclose in these applications or its public statements that the testing of Able's products did not adhere to standard operating procedures and good manufacturing practices. As a result of Defendants' allegedly material misrepresentations and omissions, Able's stock price traded at artificially inflated levels.
Please see the links to the right for copies of the: Order and Final Judgment; Preliminary Approval Order; Notice of Pendency and Proposed Settlement of Class Action and Fairness Hearing; and Proof of Claim form. Additional information is also available on the Claims Administrator's website: http://www.gardencitygroup.com/cases/fullcase/1606