Caraco BOD member resigns

9/24/2009

DETROIT A member of generic drug maker Caraco Pharmaceutical Labs’ board of directors has resigned, citing disagreements with management, Caraco announced.

Georges Ugeux resigned from the board Sunday, expressing in his resignation letter that he had disagreements with the majority shareholder and senior management of Caraco relating to corporate governance and the fiduciary role of independent directors.

Caraco said Ugeux’s disagreements were related to the role of independent directors going forward in managing actions that the Food and Drug Administration took against the company over alleged violations of current Good Manufacturing Practice requirements, which prompted the FDA to request a raid on the company’s plants in Detroit, Farmington Hills, Mich., and Wixom, Mich., by U.S. Marshals in June.

X
This ad will auto-close in 10 seconds