ABRX Able Laboratories (MM)

Shareholder Class Action Filed Against Able Laboratories, Inc. by the Law Firm of Schiffrin & Barroway, LLP RADNOR, Pa., May 23 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of New Jersey on behalf of all securities purchasers of Able Laboratories, Inc. (NASDAQ:ABRX) ("Able" or the "Company") between October 31, 2002 and May 18, 2005 inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Darren J. Check, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The complaint charges Able, Dhananjay G. Wadekar, Robert J. Mauro, Nitin V. Kotak, and Robert Weinstein with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company's laboratory testing practices significantly deviated from standard operating procedures employed in the industry; (2) that as a consequence of the foregoing, the Company suspended shipment of all of its products and had to withdraw seven of its approved Abbreviated New Drug Applications filed with the FDA; and (3) that this disruption of business would have a material adverse effect on the Company's business and results of operations. On May 19, 2005, Able announced that it had identified apparent departures from standard operating procedures with respect to certain laboratory testing practices. On the same day, Able also announced that defendant Wadekar, the Company's Chairman and Chief Executive Officer, would be resigning from those positions. The news shocked the market. Shares of Able fell $18.37 per share, or 74.59 percent, on May 19, 2005, to close at $6.25 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/ If you are a member of the class described above, you may, not later than July 22, 2005 move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Marc A. Topaz, Esq. Darren J. Check, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Marc A. Topaz, Esq. or Darren J. Check, Esq., Schiffrin & Barroway, LLP, +1-888-299-7706 (toll free) or +1-610-667-7706, Web site: http://www.sbclasslaw.com/

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