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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 220549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
July 31, 1997
ROBERTS PHARMACEUTICAL CORPORATION
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(exact name of registrant as specified in its charter)
New Jersey 1-1-432 2-2429994
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation Number)
Meridian Center II
4 Industrial Way West
Eatontown, New Jersey 07724
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code: 908-389-1182
Meridian Center II
4 Industrial Way West
Eatontown, New Jersey 07724
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(Former name or former address, if changed from last report)
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Item 5. Other Events
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Roberts Pharmaceutical Corporation (the "Company") previously
reported that in April 1995 a shareholders class action suit (the "Class
Action") had been instituted against it and certain of its current and former
officers by Grace Cowit (the "Plaintiff") on behalf of persons who purchased
shares of the Company's Common Stock between November 7, 1994 and May 31, 1995.
The Class Action alleged certain violations of the Federal securities laws by
the Company and certain of its officers and a former officer and sought damages
in an unspecified amount.
The Company believes that it has complied with all of its
obligations under the Federal securities laws and considers the Plaintiff's
allegations to be without merit; however, in order to avoid the disadvantages
of protracted litigation and the expense associated with it, the Company has
reached an agreement in principle to settle the Class Action. The net expense of
the settlement to Roberts will amount to approximately $1.8 million, before
taxes, and will be recorded as a non-operating, one time charge in the third
quarter of 1997. The Company stated that after including this non-recurring
charge, the third quarter of 1997 appears to be on track toward becoming the
Company's fourth consecutive quarter of profitability.
Finalization of the proposed settlement is subject to the
negotiation and signing of a definitive stipulation of settlement, notice to the
members of the class of the proposed settlement and approval of the settlement
by the court in which the Class Action was instituted.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
ROBERTS PHARMACEUTICAL CORPORATION
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(Registrant)
Date: August 5, 1997 By: /s/ Anthony A. Rascio
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Anthony A. Rascio
Vice President
