Caraco Pharmaceutical Laboratories (CPD) Announces Its Reducing Its Workforce By 350 Employees
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Caraco Pharmaceutical Laboratories, Ltd. (NYSE: CPD) announced that it is in the process of instituting an indefinite reduction in its workforce of approximately 350 employees in order to align its expenses with the current voluntary cessation of its manufacturing operations in connection with the recent action by the FDA.
The timing of the resumption of manufacturing operations, in whole or in part, depends on the outcome of discussions with the FDA. This should have no effect on distributed product sales that we market in the US. The Company may recall some employees to assist us in any remedial action plan that is developed based on such discussions.
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