ABRX Able Laboratories (MM)

Finkelstein, Thompson & Loughran Announces Investigation of Able Laboratories, Inc. WASHINGTON, May 25 /PRNewswire/ -- The law firm of Finkelstein, Thompson, and Loughran announces that a lawsuit seeking class action status has been filed in the United States District Court for the District of New Jersey on behalf of all purchasers of publicly traded securities of generic drug manufacturer Able Laboratories, Inc. (NASDAQ:ABRX) between October 31, 2002 and May 18, 2005, inclusive (the "Class Period"). Finkelstein, Thompson, & Loughran is investigating similar claims at this time and welcomes inquiries from potential class members concerning their rights and interests in this matter. The lawsuit alleges that Able Laboratories violated federal securities laws by issuing false or misleading public statements. Specifically, the lawsuit alleges that Able Laboratories failed to disclose or indicate that Able Laboratories' testing practices significantly deviated from standard operating procedures employed in the industry, creating a risk that the company would suffer business disruptions which would have a material adverse effect on the value of its securities. On May 19, 2005, Able Laboratories announced that it was suspending all its product shipments due to quality control problems resulting from significant departures from standard industry operating procedures with respect to laboratory testing procedures for their products. This prompted the immediate resignation of Dhananjay Wadekaras the company's Chairman and CEO. In reaction to this news, Able Laboratories' share price plummeted, falling from a close of $24.63 on May 18, 2005 to a close of $6.26 on May 19, 2005 -- a decline of $18.37, or 74.5%. Thereafter, on May 23, 2005, Able Laboratories announced that it was suspending all manufacture and distribution of its products, was instituting a mass recall of all of its products, and was withdrawing seven Abbreviated New Drug applications it had filed with the FDA. On this news, the share price dropped again, closing at $5.05 on May 23rd, 2005. If you are a member of the class, you may, no later than July 22, 2005, request that the Court appoint you as a lead plaintiff. A lead plaintiff is a class member appointed by the Court to direct the litigation on behalf of the class. Although a class member need not be appointed as a lead plaintiff to receive a proportionate share of any proceeds of the litigation, lead plaintiffs make important decisions that could affect the prosecution of the class claims, including decisions concerning settlement. The securities laws create a rebuttable presumption that the plaintiff with the largest financial interest in the litigation is the most adequate to serve as a lead plaintiff. With offices in Washington, DC and San Francisco, CA, Finkelstein, Thompson & Loughran has spent almost three decades delivering outstanding representation to institutional and individual clients in connection with securities and other finance-related litigation, and has been appointed as lead or co-lead counsel in dozens of shareholder class actions. Indeed, in the past ten years, the firm has served in leadership roles in cases that have recovered over $1 billion for investors and consumers. If you have any questions concerning this press release or your rights or interests, please contact Finkelstein, Thompson & Loughran's Washington, DC office at (866) 592-1960, or by email at . DATASOURCE: Finkelstein, Thompson & Loughran CONTACT: Finkelstein, Thompson & Loughran, +1-866-592-1960, or Web site: http://www.ftllaw.com/

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