ABRX Able Laboratories (MM)

The law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has filed a lawsuit on behalf of its client and a proposed class of purchasers of the securities of Able Laboratories, Inc. (Nasdaq:ABRX) ("Able" or the "Company") between October 30, 2002 and May 19, 2005, inclusive (the "Class Period") in the United States District Court for the District of New Jersey, Newark Division. The complaint charges Able, Dhananjay G. Wadekar (Able's CEO and Chairman of the Board), and Robert Weinstein (Able's CFO) with violations of the Securities Exchange Act of 1934. According to the complaint, the defendants allegedly knowingly or recklessly issued false and misleading statements that materially misrepresented Able's compliance during the Class Period with Federal and State regulations and statutes governing testing, manufacturing, labeling, storage, record keeping, approval, advertising, and promotion of Able's products, causing the Company's stock price to be artificially inflated. On May 10, 2005, defendants reported that Able had undertaken certain "voluntary" product recalls. The recalls were necessary because of deficiencies in the manufacture and testing of certain of Able's time-release products which had led to certain serious "stability failures." The Company also reported that other products were being recalled due to improper laboratory practices, noncompliance with standard operating procedures and improper labeling requirements. Then, on May 19, 2005, Able announced that, based on preliminary results of an investigation into the recent product recalls, it was suspending shipment of each of its products "until such time as it can assure itself that the product has been manufactured and tested in compliance with standard operating procedures and current good manufacturing practices." The Company also announced that it would recall additional products in the future. Subsequently, on May 23, 2005, Able announced that it was recalling all of its products from the market. The May 19, 2005 announcement caused Able common stock to lose nearly 75% of its value, closing at $6.26 per share, down $18.37 per share from its previous close, on enormous trading volume of 31.3 million shares. Able stock has continued to fall to below $4 per share. If you purchased or acquired Able securities during the Class Period, you may, no later than July 22, 2005, move the court to be appointed as Lead Plaintiff. There are certain legal requirements to serve as Lead Plaintiff. Any member of the purported class may move the court to serve as Lead Plaintiff through counsel of their choice or may choose to remain an absent class member. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as Lead Plaintiff. To be a member of the class, you need not take any action at this time. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant experience in prosecuting investor class actions and actions involving securities fraud. The firm has offices in Washington, D.C., New York, Philadelphia and Chicago, and is active in major litigation pending in federal and state courts throughout the nation. You may visit the firm's website at www.cmht.com. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total in the billions of dollars. If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following: Steven J. Toll, Esq. Audrey Braccio Cohen, Milstein, Hausfeld & Toll, P.L.L.C. 1100 New York Avenue, N.W. West Tower - Suite 500 Washington, D.C. 20005 Telephone: 888-240-0775 or 202-408-4600 E-mail: stoll@cmht.com or abraccio@cmht.com