San Diego, Feb. 6, 2012 (Shareholders Foundation) -- An investigation on behalf of investors in Par Pharmaceutical Companies, Inc. (NYSE:PRX) shares over possible breaches of fiduciary duties by certain directors and officers at Par Pharmaceutical Companies was announced.

The investigation by a law firm focuses on possible NYSE:PRX shareholder claims based on potential breaches of fiduciary duties by certain officers and directors at Par Pharmaceutical Companies. Specifically the investigation concerns whether certain officers and directors at Par Pharmaceutical Companies, Inc engaged in a scheme with Walgreen Company to overcharge insurance companies, self-insured employees, and union health and welfare funds for generic versions of certain drugs.

According to a media report a lawsuit was filed against drugstore chain Walgreens and Par Pharmaceutical Companies alleging a widespread scheme to overcharge for generic drugs.

The media report said that the lawsuit alleges that Walgreens and Par Pharmaceutical Companies partnered to manufacture and market generic versions of certain drugs in dosage forms that weren't subject to private and governmental reimbursement limitations, then they allegedly systematically and unlawfully filled its customers prescriptions with Par Pharmaceuticals more expensive products, rather than the inexpensive dosage forms that were prescribed by physicians. The media report stated that customers were charged multiple times more than they would have been if the prescriptions had been filled as intended by the doctors.

Par Pharmaceutical Companies reported that despite that its annual Revenue fell from $1.17billion in 2009 to $980.63million in 2010 its Net Income rose from $76.93million in 09 to $92.73million in 2010.

Shares of Par Pharmaceutical Companies, Inc. (Public, NYSE:PRX) rose from as low as $9.19 per share in March 09 to as high as $38.95 per share in December 2010.

During 2011 NYSE:PRX shares dropped to $25.87 in September but rose to recently as high as $38 per share.