SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     LITIGATION RELEASE NO. 15470 / September 4, 1997

     ACCOUNTING AND AUDITING ENFORCEMENT 
     RELEASE NO. 950 / September 4, 1997

     SECURITIES AND EXCHANGE COMMISSION v. MARK K. CURRY AND JOSEPH H. CURRY,
     (Civil Action No. 97-74524) (E.D. Mich.)

          The Securities and Exchange Commission ("Commission") filed today a
     complaint against Mark K. Curry ("M. Curry") and Joseph H. Curry ("J.
     Curry") alleging violations of the antifraud and recordkeeping provisions
     of the federal securities laws arising from their undisclosed theft of
     corporate assets belonging to Caraco Pharmaceutical Laboratories, Ltd.
     ("Caraco").  The complaint alleges that during 1993 and 1994 M. Curry, then
     Caraco's controller, and his brother, J. Curry, stole at least $889,000 of
     Caraco's corporate funds.  As part of an elaborate effort to conceal their
     thefts, they falsified Caraco's books and records and M. Curry made
     materially false and misleading statements to Caraco's auditors.  M. Curry
     also prepared false and misleading financial statements that materially
     understated Caraco's revenues and overstated its inventory and/or cost of
     sales in order to conceal the missing Caraco funds.  Caraco included those
     materially false and misleading financial statements in Caraco's
     registration statement for its initial public offering of securities, it
     its annual report for 1993, and in quarterly reports for 1994.

          The complaint alleges that M. Curry and J. Curry stole Caraco's assets
     in two ways.  First, that they each forged checks drawn on Caraco bank
     accounts and against Caraco credit accounts that were made payable to them,
     to a retail clothing business known as The Curry Collection that the two
     brothers co-owned and operated, or to pay personal credit card bills. 
     Second, that they stole checks issued to Caraco by its customers, which
     they improperly endorsed and deposited into their personal bank accounts. 
     The complaint alleges that as part of the effort to conceal the thefts, the
     disbursements via the forged checks were falsely recorded in Caraco's books
     and records as purchases of inventory, equipment, or other for other
     operating expenses, and that false credits for product returns or sales
     discounts were recorded to offset the amounts of the stolen checks. 

          The complaint alleges that as a result of that conduct M. Curry
     violated Section 17(a) of the Securities Act, and Sections 10(b) and
     13(b)(5) of the Exchange Act and Rules 10b-5, 13b2-1 and 13b2-2 thereunder. 
     The complaint alleges that J. Curry aided and abetted violations of Section
     17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule
     10b-5 thereunder, and violated Section 13(b)(5) of the Exchange Act and
     Rule 13b2-1 thereunder.  The complaint seeks as to both M. Curry and J.
     Curry (1) permanent injunctions against future violations of the above-
     mentioned provisions of the federal securities laws; (2) disgorgement of
     the stolen funds; (3) civil penalties; and (4) a permanent bar from acting
     as officers or directors of a publicly traded company.