Speakes v. Taro Pharmaceutical Industries, Inc.
On December 27, 2016, Bernstein Liebhard LLP was appointed Lead Counsel in this Action. Lead Plaintiff alleged that Taro violated the federal securities laws by issuing materially false and misleading statements and omissions about Taro’s purported competition and the cause of Taro’s price increases and sales growth – all while Taro fixed prices on at least seven drugs with other generic drug companies. Lead Plaintiff filed an amended complaint on June 19, 2017 (the “Complaint”) alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (“Exchange Act”), and Rule 10b-5 promulgated thereunder, against Taro, Kalyanasundaram Subramanian, and Michael Kalb.
On September 24, 2018, the Court considered and denied Defendants’ motions to dismiss, finding that the Complaint adequately stated violations of Sections 10(b) and 20(a) of the Exchange Act. After protracted discovery, on April 10, 2024, the Parties executed the Stipulation and Agreement of Settlement to settle all claims for $36 million.
The case is Speakes v. Taro Pharmaceutical Industries, Ltd., Case No.: 16-cv-08318-ALC-OTW. Bernstein Liebhard represents Lead Plaintiff City of Atlanta Firefighters Pension Fund. Defendants are Taro Pharmaceuticals, Ltd., Kalyanasundaram Subramanian, and Michael Kalb.
