DALLAS, June 26, 2009 (GLOBE NEWSWIRE) -- Kendall Law Group, led by a former Federal Judge and US Attorney, announces an investigation on behalf of Caraco Pharmaceutical (AMEX:CPD) shareholders.
On June 25, the Food and Drug Administration raided three Caraco plants and seized company products after the FDA declared Caraco in violation of its "Good Manufacturing Practice Requirements." After the announcement, the AMEX listed shares of the company lost 42% of their value on ten times the average volume.
The Detroit-based company was warned about manufacturing problems in an FDA letter sent in October 2008. A May 2009 inspection found unresolved violations. FDA inspectors found "poor decisions made by the company's management who are responsible for the quality of drugs being manufactured," said FDA consumer safety officer David Jaworski.
Shareholders who purchased Caraco stock between May 29, 2008 and June 25, 2009, should contact attorney Hamilton Lindley at 877-744-3728. Although every case is different, Kendall Law Group has tremendous success in representing investors in securities lawsuits. Since 2002, the lawyers of the firm have participated in the recovery of over one billion dollars for their clients. To learn more about the firm, please visit www.kendalllawgroup.com or call 877-744-3728.
The Kendall Law Group, LLP logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6273