Judge Gives Par Pharma Shareholders 2nd Chance

Law360, New York (June 25, 2008, 12:00 AM EDT) -- Shareholders have 30 days to amend securities fraud claims against Par Pharmaceutical Co. Inc. and its top executives after a judge threw out their consolidated class action complaint on Tuesday.

New Jersey District Judge Peter Sheridan granted the drugmaker's motion to dismiss the lawsuit, saying the shareholders relied on generalized allegations based on the officers' positions in the company.

The shareholders, who sued Par and four executives after the company announced it would have to restate its reported revenues by $55 million, did not meet the...
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