Taro Shareholders Defend Securities Fraud Complaint

Law360, New York (July 16, 2007, 12:00 AM EDT) -- Shareholders of Taro Pharmaceutical Industries Ltd. have urged a court to ignore the drug company’s motion to toss a securities fraud class action, saying its complaint detailed a fraud that “emanated from the core of Taro’s business.”

A group of pension funds who were appointed lead plaintiffs in the consolidated case filed papers to the Manhattan district court Friday calling for Taro’s motion to be denied “in its entirety.”

The pension funds filed their amended complaint in April against the pharmaceutical company and four former executives,...
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