Teva Pays $450M To Resolve Alleged Kickback, Price-Fixing Schemes
Portfolio Pulse from Vandana Singh
Teva Pharmaceuticals Industries Ltd (NYSE:TEVA) has agreed to a $450 million settlement with the U.S. government to resolve allegations of violating the Anti-Kickback Statute and the False Claims Act. The settlement addresses claims of unlawful kickback schemes affecting Medicare and price-fixing of essential drugs. This includes $225 million in criminal penalties previously paid by Teva USA. The settlement is part of a broader initiative against price-fixing and kickbacks in the pharmaceutical industry.
October 11, 2024 | 4:49 pm
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Teva Pharmaceuticals has settled for $450 million with the U.S. government over allegations of kickback and price-fixing schemes. This includes $225 million in criminal penalties. The settlement is part of a broader crackdown on pharmaceutical industry practices.
The settlement of $450 million, including $225 million in criminal penalties, is a significant financial outlay for Teva, which could negatively impact its stock price in the short term. The legal issues and the negative publicity surrounding the settlement may also affect investor sentiment.
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