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Independent Committee of Caraco Board Retains Independent Advisors for Consideration of Sun Pharma Proposal to Purchase Outstanding Shares and Caraco Acknowledges Filing of Purported Class Action Lawsuits
Date:12/23/2010

as of the law with expertise in corporate governance.

Additionally, Caraco announced that it has received notice of several purported class action lawsuits with respect to the Proposal. The suits, purporting to be on behalf of a class of plaintiff shareholders, allege breaches of fiduciary duties in relation to the Proposal, and ask the court to enjoin the Proposal by Sun.

The Company also received a shareholder letter that purports to be on behalf of a Caraco shareholder, demanding that the Caraco Board take actions to remedy alleged breaches of fiduciary duty in connection with the Proposal and Sun's alleged attempt to take Caraco private at an unfair price and with an unfair process.

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: (i) that the information is of a preliminary nature and may be subject to further adjustment; (ii) not obtaining FDA approval for new products or delays in receiving FDA approvals; (iii) governmental restrictions on the sale of certain products; (iv) dependence on key personnel; (v) development by competitors of new or superio
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SOURCE Caraco Pharmaceutical Laboratories, Ltd.
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