Robbins Umeda LLP Announces an Investigation of Par Pharmaceutical Companies, Inc.

Shareholder rights firm Robbins Umeda LLP is investigating possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Par Pharmaceutical Companies, Inc. (NYSE: PRX). Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Gregory E. Del Gaizo at [phone], [e-mail], or via the shareholder information form on the firm's website.

Robbins Umeda LLP's investigation focuses on whether members of the board of directors at Par Pharmaceutical breached their fiduciary duties to shareholders and maintained woefully inadequate controls to the detriment of the company and investors. In particular, the firm is investigating allegations that certain officers and directors at Par Pharmaceutical engaged in a scheme with Walgreen Company to overcharge insurance companies, self-insured employees, and union health and welfare funds for generic versions of certain drugs. Robbins Umeda LLP is investigating whether Par Pharmaceutical manufactured and/or marketed generic versions of certain drugs in dosage forms that were not subject to strict private and governmental reimbursement limitations. Walgreens purchased those dosage forms from Par Pharmaceutical at a cost substantially higher than the widely prescribed dosage forms, and unlawfully filled its customers' prescriptions with Par Pharmaceutical's more expensive products, rather than the inexpensive dosage forms that were prescribed by physicians. This scheme enabled Par Pharmaceutical to garner unlawful profits by illegally providing the incorrect dosage forms to consumers of its products. Since these facts have emerged, Par Pharmaceutical has increasingly become the focus of costly public and legal scrutiny, including being named in a whistleblower lawsuit and securities class action.

Robbins Umeda LLP highlights that Par Pharmaceutical shareholders have the option to file a derivative action to hold those officers and directors accountable for damaging the company. Remedies commonly sought in derivative actions include corporate governance reforms designed to prevent future misconduct, removal of officers or directors whose misconduct injured the corporation, and monetary payments in the form of damages and disgorgement of ill-gotten gains.

Robbins Umeda LLP is a nationally recognized leader in securities litigation and shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. For more information, please go to http://www.robbinsumeda.com.

Press release link: http://www.robbinsumeda.com/shareholders-rights-blog/par-pharmaceutical/

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Contacts:

Robbins Umeda LLP
Gregory E. Del Gaizo
[phone] or Toll Free [phone]
[e-mail]
www.robbinsumeda.com