SUN Pharmaceuticals has been sent yet another lawsuit. The Mumbai-based pharma company, which had earlier been taken to court over the merger with Taro, has seen another lawsuit filed against it by the Israeli company for allegedly failing to disclose material information.
In its filing with the United States District Court for the Southern District of New York, Taro Pharma charged Sun Pharma with not disclosing details including the recent action by the US Food and Drug Administration against Sunâ€™s USsubsidiary Caraco Laboratories. â€œSun Pharma didnâ€™t disclose that the FDA action apparently grew out of a long pattern of failure to comply with regulatory requirements governing the manufacture of drugs at Caraco under Sunâ€™s controlling hand nor the impact these events and other serious lapses of operational diligence and corporate governance would have on Taro, its operations, business and its shareholders if Sun were to gain control of Taro,â€ said the Israeli company.
An email sent to Sun Pharma to verify the development didnâ€™t elicit a response.
Taro also alleged that Sun â€œmisappropriatedâ€ confidential information about Taro gathered as part of the proposed merger transaction and that it used such information to disrupt Taroâ€™s customer relationships and undermine Taroâ€™s revenues. The Israeli company has accused Sun of violating the Williams Act, 15 USC sections 78n (d) and is seeking to â€œenjoinâ€ - a legal action that calls for ending a course of conduct - as well as claiming damages and injunctive relief. Abhishek Singhal, an analyst with Macquarie says this is just posturing on Taroâ€™s side.
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