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Value investor looking to buy strong companies run by able and honest management for a large discount to intrinsic value. Visit his sites: Pakiya Funds (http://pakiyafunds.wordpress.com/) See Seeking Alpha's policy on anonymous authors:... More
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  • Caraco Update 0 comments
    Sep 30, 2009 01:17 AM | about stocks: CPD
    Today Caraco announced they have reached a consent decree with the FDA. From the announcement:

    Caraco Pharmaceutical Laboratories, Ltd. (NYSE Amex: CPD) announced today that it has entered into a consent decree with the U.S. Food and Drug Administration (FDA) regarding the company's drug manufacturing operations. The decree provides a series of measures that, when satisfied, will permit Caraco to resume manufacturing and distributing those products that are manufactured in its Detroit area facilities. The Company is working expeditiously to satisfy the requirements of the decree and has already retained independent cGMP experts for review of the Company's operations and to facilitate a successful result.

    Caraco now has an approved plan for getting back into FDA compliance and commencing manufacturing. It is now a matter of management executing the plan. The company's consent decree was expeditious and much quicker than I expected. 

    It will still be a while before the company can start manufacturing but this news places a path that can be followed to get back into compliance.

    The press release regarding the decree:
    phx.corporate-ir.net/phoenix.zhtml?c=989...=


    Pakiya Funds
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    Disclosure: Long CPD

    Stocks: CPD
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