Sunday, June 12, 2005

Able Laboratories Are Bust

The pharmaceutical company, Able Laboratories this week laid off almost 50% of its staff. A company spokesman said it expects more job cuts and can give no assurance when it may resume manufacturing.

Able has admitted to sloppy manufacturing and testing standards. No further manufacturing is taking place and all the company’s drugs have been withdrawn from the market-place. Even its applications for new drugs awaiting FDA approval have been withdrawn.

Able has pending lawsuits against it, has lost its line of credit and has unpaid creditors.

Able will, in my opinion, go bust (it probably is already technically bust) and on June 17th at the annual meeting of the company they will probably be informing their stockholders that they have lost all their money.

It is great news that the pharmaceutical companies are starting to be made accountable. Let us hope that Able is, in this regard, just the tip of the iceberg.

The battle will only be really won when this scrutiny and accountability goes down the line to main street and starts addressing the psychiatric pushers.

Don’t swallow psychotropic drugs, and don’t invest good money in bad pharmaceutical companies. Their stock are on a downhill slide to oblivion.

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