Post by miamianne67 on Aug 22, 2023 16:19:25 GMT
WSJ reports TEVA will pay a $225 settlement in a criminal case that prosecutors say is the highest fine ever levied for domestic price fixing. Also, in an unusual punishment for the Israeli based company, their US subsidiary is required to sell its product line for Prevastavin AND donate $50 million of other drugs to organizations that treat needy patients! A judge must sign off on the agreement which is a deferred prosecution agreement calling for no prosecution of TEVA if it keeps out of trouble for 3 years. TEVA stated it is pleased and feel confident it can defend itself against civil suits (now that the criminal case is settled?)
Background: TEVA and India based GLENMARK PHARMACEUTICALS were charged in 2020 with conspiring to raise prices for pravastatin and other drugs between 2013 and 2015. Some may recall and find this interesting based on the turmoil on TEVA's Board and the revolving door of CEOs during the period in question. I draw NO CONCLUSIONS because we don't know the why's and wherefores of that turmoil.....I have my opinion which is that a particular CEO left due to other commitments or smelled a rat and just wanted out....or only planned to be there in an interim capacity..... I say this because despite protestations to the contrary, there are some who wish to imply criminal intent on the part of a certain person.
Background: TEVA and India based GLENMARK PHARMACEUTICALS were charged in 2020 with conspiring to raise prices for pravastatin and other drugs between 2013 and 2015. Some may recall and find this interesting based on the turmoil on TEVA's Board and the revolving door of CEOs during the period in question. I draw NO CONCLUSIONS because we don't know the why's and wherefores of that turmoil.....I have my opinion which is that a particular CEO left due to other commitments or smelled a rat and just wanted out....or only planned to be there in an interim capacity..... I say this because despite protestations to the contrary, there are some who wish to imply criminal intent on the part of a certain person.