ABRX Able Laboratories (MM)

Investor Sues Able Laboratories, Inc. for Stock Fraud, Berman DeValerio Pease Tabacco Burt & Pucillo Announces BOSTON, June 13 /PRNewswire/ -- An investor has sued Able Laboratories, Inc. ("Able" or the "Company") (NASDAQ:ABRX), claiming that the pharmaceutical company issued materially false and misleading statements to the investing public. Berman DeValerio Pease Tabacco Burt & Pucillo (http://www.bermanesq.com/) filed the class action on June 10, 2005 in the U.S. District Court for the District of New Jersey. The lawsuit seeks damages for violations of federal securities laws on behalf of all investors who purchased Able common stock from October 31, 2002 through and including May 18, 2005 (the "Class Period"). To receive a copy of the complaint, you may contact the court, call the firm at (800) 516-9926 or go to http://www.bermanesq.com/pdf/Able-Cplt.pdf. The lawsuit claims that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder, including U.S. Securities and Exchange Commission ("SEC") Rule 10b-5. On May 19, 2005, Able announced that the Company had identified apparent departures from standard operating procedures with respect to certain laboratory testing practices and that, as a result, shipment of all of its products had been suspended. According to Able, this conclusion was based on the recommendation of an outside consulting firm that had been hired by the Company following several product recalls to scrutinize Able's compliance with standard operating procedures and all relevant U.S. Food and Drug Administration regulations. Hours later, the Company announced the immediate resignation of Able's chief executive officer and withdrew its previous earnings guidance. On this news, shares of Able's common stock plummeted from $24.63, on May 18, 2005, to $6.26 on May 19, 2005, a drop of $18.37, or 74.5%. If you purchased Able common stock from October 31, 2002 through and including May 18, 2005 you may wish to contact the following attorneys at Berman DeValerio Pease Tabacco Burt & Pucillo to discuss your rights and interests. Leslie R. Stern, Esq. Abigail R. Romeo, Esq. One Liberty Square Boston, MA 02109 (800) 516-9926 If you wish to apply to be lead plaintiff in this action, a motion on your behalf must be filed with the court no later than July 22, 2005. You may contact the attorneys at Berman DeValerio to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action, or you may submit information online at http://www.bermanesq.com/Securities/Signup1.asp?caseid=551. Please note, you may also retain counsel of your choice and need not take any action at this time to be a class member. Berman DeValerio Pease Tabacco Burt & Pucillo prosecutes class actions nationwide on behalf of institutions and individuals, chiefly victims of securities fraud, antitrust law violations, and consumer fraud. Contact: Abigail R. Romeo, Esq. at (800) 516-9926 DATASOURCE: Able Laboratories, Inc. CONTACT: Abigail R. Romeo, Esq. of Berman DeValerio Pease Tabacco Burt & Pucillo, +1-800-516-9926 Web site: http://www.bermanesq.com/

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