Taro Sues Sun Over Withholding Troubles At Unit

Law360, New York (September 30, 2009, 2:08 PM EDT) -- Seeking to block Sun Pharmaceutical Industries Ltd.’s hostile takeover bid, Taro Pharmaceutical Industries Ltd. has accused Sun of withholding key shareholder information that federal regulators seized millions of dollars in products from its unit out of a concern over manufacturing defects.

Israel-based Taro said Sept. 29 that it had filed a suit in the U.S. District Court for the Southern District of New York alleging Sun failed to disclose that the U.S. Food and Drug Administration had confiscated $20 million in products from Sun’s majority-owned U.S....
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