Glancy Binkow & Goldberg LLP Announces Proposed Settlement of Class Action in the In Re Caraco Pharmaceutical Laboratories, Ltd. Securities Litigation

LOS ANGELES, April 22, 2013 (GLOBE NEWSWIRE) -- The following statement is being issued by Glancy Binkow & Goldberg LLP regarding the In Re Caraco Pharmaceutical Laboratories, Ltd. Securities Litigation.

IN RE CARACO PHARMACEUTICAL LABORATORIES, LTD. SECURITIES LITIGATION, Case No. 2:09-cv-12830-AJT-DAS, SUMMARY NOTICE

TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR ACQUIRED CARACO PHARMACEUTICAL LABORATORIES, LTD. SECURITIES BETWEEN MAY 29, 2008 AND JUNE 25, 2009, INCLUSIVE.

YOU ARE HEREBY NOTIFIED, pursuant to Order of the United States District Court for the Eastern District of Michigan, that a hearing will be held on June 25, 2013, at 2:30 p.m., before the Honorable Arthur J. Tarnow, at the United States District Court for the Eastern District of Michigan, Theodore Levin U.S. Courthouse, 231 W. Lafayette Blvd., Courtroom 108, Detroit, Michigan 48226, for the purpose of determining: (1) whether the proposed Settlement of the claims in the Litigation for the sum of $2.975 million in cash should be approved by the Court as fair, reasonable, and adequate to Members of the Class; (2) whether, thereafter, this Litigation should be dismissed with prejudice pursuant to the terms and conditions set forth in the Stipulation of Settlement dated February 27, 2013; (3) whether the proposed plan to distribute the settlement proceeds (the "Plan of Allocation") is fair, reasonable, and adequate and therefore should be approved; and (4) whether the application of Class Counsel for the payment of attorneys' fees and expenses incurred in connection with this Litigation and reimbursement of Plaintiffs' reasonable costs and expenses (including lost wages) directly related to their representation of the Class should be approved. All capitalized terms used herein shall have the meaning assigned to them in the Stipulation of Settlement, dated February 27, 2013. If you purchased or acquired Caraco Pharmaceutical Laboratories, Ltd. securities between May 29, 2008 and June 25, 2009, inclusive, your rights may be affected by this Settlement. If you have not received a detailed Notice of Proposed Settlement of Class Action, Motion for Attorneys' Fees and Expenses, and Settlement Fairness Hearing (the "Notice") and a copy of the Proof of Claim and Release, you may obtain copies by writing to In re Caraco Pharma. Labs., Ltd. Sec. Litig., c/o GCG, P.O. Box 35051, Seattle, WA 98124-3508, or you can download a copy at www.GCGINC.com. If you are a Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release postmarked no later than August 8, 2013, establishing that you are entitled to recovery. You will be bound by any Judgment rendered in the Litigation whether or not you make a claim, unless you request exclusion from the Class.

If you wish to request exclusion from the Class you must do so in writing by May 28, 2013 and in accordance with the procedures set forth in the Notice. If you request exclusion from the Class you will not participate in the distribution of the Settlement Fund and you will not be bound by the Judgment in the Litigation. If your exclusion request fails to contain all the information required in the Notice, or otherwise fails to comply with the procedures set forth in the Notice, it will be invalid and you will be bound by the terms and conditions of the Stipulation of Settlement and Judgment.

Any Class Member may file an objection to the Settlement, if he, she, or it has any information why the proposed Settlement of the Litigation should not be approved or why Judgment should not be entered thereon; why any attorney's fees, costs, or expenses requested by Lead Counsel or Lead Plaintiff should not be awarded; or why the Plan of Allocation should not be approved; provided, however, that no Class Member may be entitled to appear (physically or telephonically) at the Settlement Hearing or contest approval of the terms and conditions of the Settlement unless, his, her, or its objection or opposition, including the basis therefore, is made in writing and mailed or delivered such that it is filed with the Court and served on each of the following no later than May 28, 2013:

PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE OR CARACO PHARMACEUTICAL LABORATORIES, LTD. REGARDING THIS NOTICE.

If you have any questions about the Settlement, you may contact Class Counsel at either of the addresses listed below: