Navigation Links
Caraco Pharmaceutical Laboratories, Ltd. Announces Resignation of Georges Ugeux from Board of Directors
Date:9/23/2009

DETROIT, Sept. 23 /PRNewswire-FirstCall/ -- Caraco Pharmaceutical Laboratories, Ltd. (NYSE Amex: CPD) announced that on September 20, 2009, Georges Ugeux resigned as a director of the Company and from the audit, compensation and independent committees of the Board. Mr. Ugeux was the chairman of the independent committee.

In his resignation letter, Mr. Ugeux indicated that he had disagreements with the majority shareholder and senior management of the Company relating to corporate governance and the fiduciary role of independent directors. The Company believes that Mr. Ugeux's disagreements relate to the role of the independent directors going forward in managing the FDA actions previously disclosed by the Company. The current Board, including all the independent directors, believe that management of the FDA actions is and should remain the top priority and focus for the entire management team of the Company, with the entire Board providing the necessary oversight.

All of the members of the current Board, including the independent directors, believe that all shareholders' interests are aligned, and that the Company is moving in the right direction to enable it to resolve the FDA's concerns as expeditiously as possible. In this connection, the Company has engaged highly regarded (i) special FDA counsel to negotiate with the FDA on behalf of the Company and (ii) FDA consultants who are advising and will advise the Company with respect to compliance with FDA requirements. The Board is focused and resolute in its desire to resolve the FDA's concerns, and believes that it is acting in the best interests of all of the Company's shareholders, as resolution of such concerns will benefit all of the shareholders of the Company.

Detroit-based Caraco Pharmaceutical Laboratories, Ltd., develops, manufactures, markets and distributes generic pharmaceuticals to the nation's largest wholesalers, distributors, drugstore chains and managed care providers.

Safe Harbor: This news release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Without limitation, the words "believe" or "expect" and similar expressions are intended to identify forward-looking statements. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties are contained in the Corporation's filings with the Securities and Exchange Commission, including Part I, Item 1A of our most recent Form 10-K, and include but are not limited to: information of a preliminary nature that may be subject to adjustment, potentially not obtaining or delay in obtaining FDA approval for new products, governmental restrictions on the sale of certain products, development by competitors of new or superior products or less expensive products or new technology for the production of products, the entry into the market of new competitors, market and customer acceptance and demand for new pharmaceutical products, availability of raw materials, timing and success of product development and launches, dependence on few products generating majority of sales, product liability claims for which the Company may be inadequately insured, material litigation from product recalls, the purported class action lawsuits alleging federal securities laws violations, delays in returning the Company's products to market, including loss of market share, increased reserves against the FDA-seized inventory, and other risks identified in this report and from time to time in our periodic reports and registration statements. These forward-looking statements represent our judgment as of the date of this report. We disclaim, however, any intent or obligation to update our forward-looking statements.


'/>"/>
SOURCE Caraco Pharmaceutical Laboratories, Ltd.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Zyloprim(R)
2. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Adipex-P(R)
3. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Coreg(R)
4. Caraco Pharmaceutical Laboratories Ltd. Announces Tentative FDA Approval for Generic Zyrtec Chewable(R)
5. Caraco Pharmaceutical Laboratories Ltd. Reports Record Net Sales for the Second Quarter and First Six Months of Fiscal 2008
6. Caraco Pharmaceutical Laboratories, Ltd. Announces Tentative FDA Approval for Generic Lamictal(R)
7. Caraco Pharmaceutical Laboratories, Ltd. Announces Tentative FDA Approval for Generic Lexapro(R)
8. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Norvasc(R)
9. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic OTC Versions of Zyrtec Allergy Tablets(R) and Zyrtec Hives Relief Tablets(R)
10. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic OTC Versions of Childrens Zyrtec(R) Chewable Tablets for Allergy Relief and Childrens Zyrtec(R) Chewable Tablets for Hives Relief
11. Caraco Pharmaceutical Laboratories, Ltd. Announces FDA Approval to Market Generic Version of Metaglip(R)
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/21/2017)... (PRWEB) , ... July 21, 2017 , ... ... management assistance and financial planning services to families and business owners in northern ... event that promises to provide support to area adults with developmental challenges. , ...
(Date:7/21/2017)... , ... July 21, 2017 , ... ... and Theater of Witness , was awarded a $300,000 grant from ... program which fosters empathy, comfort with ambiguity and the recognition of one’s own ...
(Date:7/21/2017)... ... ... Overseer at The House of Yahweh in Abilene, Texas, has written a new post this ... world leaders to be more open about positive changes. Yisrayl says the use of force ... peaceful and positive way to solve all; yes, all issues, and he is ready to ...
(Date:7/21/2017)... , ... July 21, 2017 , ... ... Nature’s Tears® EyeMist®, the signature product of her research center at Bio-Logic Aqua ... world’s largest population and the greatest number of sufferers of blindness. “We think ...
(Date:7/21/2017)... ... July 21, 2017 , ... How physicians and athletic trainers ... say researchers presenting their work at the American Orthopaedic Society for Sports ... evaluating the patterns of change in concussion symptom presentation, diagnostic tools used and ...
Breaking Medicine News(10 mins):
(Date:7/10/2017)... July 10, 2017 The Institute for In ... is the recipient of a VITROCELL® inhalation exposure system ... Science Consortium. The device, which is designed to replace ... human lung cells to airborne test materials in an ... the VITROCELL® system for testing combustible tobacco products, as ...
(Date:7/6/2017)... nutrition division of Diplomat Specialty Infusion Group, is celebrating a decade of ... To celebrate its anniversary, ThriveRx recently launched a redesigned website at ... organization to create the best user experience for consumers and health care ... Diplomat Pharmacy ... "We,ve made several great strides throughout the past 10 ...
(Date:7/5/2017)... July 5, 2017   BioLife Solutions , Inc. ... and marketer of proprietary clinical grade cell and tissue ... media ("BioLife"), today announced that it has reached an ... and largest shareholder, to modify its existing credit facility ... the modification, WAVI agreed to exchange its existing $4.25 ...
Breaking Medicine Technology: