Teva Maintains Innocence After DoJ Price Fixing Charge
Consumers Allegedly Overcharged By $350m
Teva has insisted it “did not participate in price fixing,” after being charged by the US Department of Justice with conspiring to fix prices for generic medicines, resulting in consumers being “allegedly overcharged at least $350m.”
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Denying any wrongdoing or admission of liability, Teva has agreed to a proposed settlement of $420m with a class of investors following allegations that the firm had concealed the true nature of its increase in profits, which artificially inflated the price of Teva’s securities.
Facing civil and criminal charges over alleged price fixing in the US, Teva looks to have succeeded in removing itself from the spotlight in the civil proceedings, having previously been selected as a priority for trial. CEO Kåre Schultz weighed in on the latest development.
Teva reported a substantial loss in the third quarter after registering a goodwill impairment of $4.6bn, largely linked to legal uncertainties as the firm continues to grapple with price-fixing litigation in the US and its pending opioids settlement.