Related Party Transactions

12 Months Ended

Jun. 30, 2012

Related Party Transactions

(17) Related Party Transactions

The Company has purchased inventory and incurred product development costs from a company that is partially owned by two of its executive officers. In addition, Aceto purchases product development costs from an affiliate of this company that is partially owned by the two executive officers. Payments to these two related companies approximated $3,082 and $1,326 in fiscals 2012 and 2011, respectively.

One director of the Company is affiliated with a law firm that served as legal counsel to the Company on various corporate matters.  During fiscal 2012, 2011 and 2010, the Company incurred legal fees of $3, $195 and $162, respectively, for services rendered to the Company by this law firm.  In addition, a former director under his capacity as a board member was affiliated with a law firm that served as legal counsel to the Company on various corporate matters.  During fiscal 2011 and 2010, the Company incurred legal fees of $32 and $243, respectively, for services rendered to the Company by this law firm. The Company believes that the fees charged by both of these firms were at rates comparable to rates obtainable from other firms for similar services. The Company does not expect to utilize the services of these law firms in the future.

During fiscal 2012 and 2011, the Company purchased inventory from its joint venture in the amount of $2,554 and $2,332, respectively.