Biden Administration Urges Supreme Court Review in Terrorism Funding Lawsuit Against Pharma Companies
Portfolio Pulse from Vandana Singh
The Biden administration has urged the U.S. Supreme Court to reconsider a ruling involving 21 pharmaceutical and medical equipment companies accused of funding terrorism in Iraq, resulting in the deaths and injuries of American service members. The companies, including AstraZeneca, Pfizer, GE Healthcare, Johnson & Johnson, and F. Hoffmann-La Roche, allegedly engaged in corrupt practices to secure medical-supply contracts with a militia group. The Justice Department's request follows a precedent set in a previous case involving Twitter.
May 23, 2024 | 6:00 pm
News sentiment analysis
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NEGATIVE IMPACT
AstraZeneca is among the companies accused of funding terrorism in Iraq. The Biden administration has urged the Supreme Court to reconsider a ruling in the case.
The legal allegations and the involvement of the Supreme Court could negatively impact AstraZeneca's stock in the short term due to potential reputational damage and legal costs.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
GE Healthcare, a unit of GE Healthcare Technologies Inc, is among the companies accused of funding terrorism in Iraq. The Biden administration has urged the Supreme Court to reconsider the ruling.
The involvement in the lawsuit and the potential Supreme Court review could negatively impact GE Healthcare's stock due to legal and reputational concerns.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Johnson & Johnson is implicated in a lawsuit accusing it of funding terrorism in Iraq. The Biden administration has requested the Supreme Court to review the case.
The legal allegations and potential Supreme Court involvement could negatively affect Johnson & Johnson's stock due to potential legal costs and reputational damage.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Pfizer is implicated in a lawsuit accusing it of funding terrorism in Iraq. The Biden administration has requested the Supreme Court to review the case.
The lawsuit and potential Supreme Court review could lead to negative sentiment around Pfizer's stock due to legal and reputational risks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
F. Hoffmann-La Roche is among the companies accused of funding terrorism in Iraq. The Biden administration has urged the Supreme Court to reconsider the ruling.
The lawsuit and potential Supreme Court review could lead to negative sentiment around Roche's stock due to legal and reputational risks.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80