Par Pharmaceutical Hit With Securities Suits

Law360, New York (July 21, 2006, 12:00 AM EDT) -- Drugmaker Par Pharmaceutical Companies, Inc. has been hit with a lawsuit alleging the company misled investors and overstated its revenue by at least $55 million.

The lawsuit, filed in federal court in Manhattan, seeks class action status, and lists the New Jersey-based company, one current executive and one former executive as defendants.

David Rosenfeld, an attorney for the plaintiff, was confident about his client’s prospects, saying Par’s July 5 admission that it had overstated its earnings and would have to restate financial results for 2004, 2005...
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