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If you purchased shares of Par Pharmaceutical Companies Inc (NYSE: PRX), you might have certain options and should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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July 30, 2013 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.
January 29, 2013 - The court preliminarily approved the settlement.
December 28, 2012 - Parties filed a stipulation of settlement.
June 24, 2012 - The U.S. Court of Appeals for the Third Circuit dismissed the appeal.
May 21, 2012 - A plaintiff filed a notice of appeal.
September 30, 2009 - The court granted in part and denied in part the defendants' motion to dismiss certain defendants.
September 17, 2008 - The defendants filed a motion to dismiss.
July 23, 2008 - The lead plaintiffs filed a second amended consolidated complaint.
June 24, 2008 - The court granted the defendants' motion to dismiss without prejudice and granted leave to amend.
July 18, 2007 - The defendants filed a motion to dismiss.
April 30, 2007 - The lead plaintiffs filed an amended consolidated complaint.
December 15, 2006 - The lead plaintiffs and lead counsel were appointed.
November 6, 2006 - All cases were consolidated.
September 15, 2006 - Lead plaintiff motions were filed.
August 1, 2006 - Another investor filed a complaint.
July 26, 2006 - Another investor filed a complaint.
July 19, 2006 - Another investor filed a complaint.
July 17, 2006 - An investor in shares of Par Pharmaceutical Companies Inc (NYSE: PRX) filed a lawsuit in the U.S. District Court for the District of New Jersey against Par Pharmaceutical Companies Inc over alleged violations of Federal Securities Laws.
The complaint alleges that between April 29, 2004 to July 5, 2006, defendants reported earnings that were materially inflated as a result of accounting errors including an understatement of accounts receivable reserves. Par Pharmaceutical Companies Inc has now admitted that the overstatement of its revenues has resulted in Par Pharmaceutical Companies Inc overpaying its business partners in various profit sharing arrangements. As a result of Par Pharmaceutical Companies Inc's internal review of its trade accounts receivable balances, Par Pharmaceutical Companies Inc has decided to restate its previously reported financial statements for fiscal year 2004 and 2005 and the first quarter of 2006. In addition, Par Pharmaceutical Companies Inc announced it will write-off inventory in an amount up to $15 million due to flawed physical inventory procedures. In response to these revelations, on July 6, 2006, Par Pharmaceutical Companies Inc (NYSE: PRX) stock fell $4.78 per share, losing nearly 26% of its value in one day on extremely high volume of over 9 million shares traded, to close at $13.47 per share.
Par Pharmaceutical Companies Inc, headquartered in New Jersey, develops, manufactures and markets more than 110 generic drugs and innovative branded pharmaceuticals for specialty markets.