Able Labs Recalls Remainder of Product LineMay 23, 2005 | www.investors.com
Embattled generic drugmaker Able Laboratories Inc. said Monday it was recalling the remainder of its products from the market just days after it suspended all product shipments because of quality control concerns.
In a statement made before market open on Monday, Able (ABRX) said it was suspending all manufacturing and was initiating a mass recall.
The company also said it was withdrawing seven approved applications to market generic versions of various medications because of concerns of the reliability of its internal drug data.
Able shares sank 26% to $5.33 in early trade.
Able added that it does not know what actions might be taken against it by the Food and Drug Administration.
On May 19, Able stunned investors by announcing it was suspending all products shipments in order to determine the extent of its quality control problems. The company had initiated the review after several recent product recalls.
The company's chairman and chief executive officer, Dhananjay Wadekar, resigned shortly after the announcement. Wadekar has been succeeded by President and Chief Operating Officer Robert Mauro, who will serve as interim CEO.
Able's stock lost 75% of its market capitalization on Thursday.