Hawthorne, NY: (Apr-29-08) A securities class action lawsuit was brought against Taro Pharmaceutical Industries Ltd., a multinational, science-based pharmaceutical company, by lead plaintiff Loretta Zwickel. In a recent development in the case, sources stated that the company announced that it has agreed to settle, in principle, all claims asserted against all defendants in the action.
Sources familiar with the case said that the settlement is subject to the execution of definitive documentation, notice to the purported shareholder class and final approval of the settlement by the court. Court papers indicate that a hearing will be scheduled in the near future. The settlement resolves all litigation in the suit, filed in the United States District Court for the Southern District of New York. [
