Par Pharma Shareholders Seek Settlement Approval

Law360, New York (June 30, 2008, 12:00 AM EDT) -- Par Pharmaceuticals Co. Inc. agreed Friday to overhaul its accounting practices as part of a proposed settlement to a shareholder derivative suit over losses allegedly incurred from falsified business reports.

Par shareholders are seeking approval for the settlement in a motion filed in the U.S. District Court for New Jersey. The agreement includes a $200,000 payment to the shareholders' lawyers.

The agreement comes days after a New Jersey district judge tossed a related consolidated class action suit against Par and four of its top executives....
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