The SEC said today that Clovis Oncology (NSDQ:CLVS), its CEO and former CFO will pay more than $20 million to settle charges that the company misled investors about its experimental lung cancer drug. The SEC alleged that beginning in July 2015 and over the course of a four-month period, CEO Patrick Mahaffy and his team […]
AngioDynamics to pay $13m to settle False Claims charges
AngioDynamics (NSDQ:ANGO) agreed to pay a total of nearly $13 million to settle charges that it broke the False Claims Act for a chemotherapy delivery device and a peripheral vein treatment. Latham, N.Y.-based AngioDynamics distributed the LC Bead embolization microspheres made by BTG (LON:BTG) subsidiary Biocompatibles. Although cleared for embolizations, the companies allegedly marketed LC Bead from May […]
Insulet settles shareholder suit over Omnipod Eros device
Insulet (NSDQ:PODD) shareholders have agreed to settle a lawsuit alleging that the device-maker misrepresented the success of its Omnipod Eros roll-out in 2013. The financial details of the settlement were undisclosed, but it includes $425,000 in attorney fees and an array of corporate compliance enhancements that Insulet plans to adopt. Shareholders Raqim Walker and Frank Carnazza alleged […]
MiMedx top brass resign amid internal accounting investigation
MiMedx CEO Parker H. “Pete” Petit and COO and President William C. “Bill” Taylor have resigned as a board-directed independent investigation continues into accounting practices, Marietta, Ga.–based MiMedx (Nasdaq: MDXG) announced today. Petit and Taylor’s exit comes after recent departures of MiMedx’s CFO and corporate controller and treasurer. In addition to the resignations of top brass, the […]
Dexcom hit with legal fees in AgaMatrix patent spat
Dexcom (NSDQ:DXCM) this week was ordered to pay attorney’s fees in a spat with rival AgaMatrix over patents related to continuous glucose monitoring technology. The ruling came alongside a final judgement of non-infringement in favor of AgaMatrix from Judge S. James Otero of the US District Court for the Central District of California Western Division, according […]
Tribe taking steps to ‘ramp up’ drug patent business
The Native American tribe wrapped up in litigation with generic pharmaceutical companies is trying to prove that its arrangement with Allergan (NYSE:AGN) reflects a legitimate move to boost its economy, according to court documents. The St. Regis Mohawk Tribe of New York found itself it the middle of a controversial deal this year after it agreed […]
Fresenius fires back at Akorn with counterclaims following failed merger
Fresenius (ETR:FRE) filed counterclaims against generic drugmaker Akorn Inc. (NSDQ:AKRX) this week in Delaware Chancery Court, alleging that Akorn tried to defraud the FDA with falsified testing data. Akorn filed suit against Fresenius one day after the company walked away from a $4.75 billion deal to acquire Akorn. Fresenius cited an investigation that found material breaches of […]
Feds arrest PixarBio CEO Reynolds on securities fraud charges
The bizarre saga of biotech executive Frank Reynolds took another turn today when federal authorities arrested the PixarBio (OTC:PXRB) CEO and two associates on securities fraud charges, claiming they misled investors about its opioid substitute and falsely claimed a $1 billion valuation. PixarBio is purportedly developing a drug to replace morphine and other opiates, but prosecutors alleged […]
Companies push back against allegations of FCA violations over excess at-home blood testing
A 70-year-old former Marine is taking a group of companies to court over their at-home blood testing services, arguing that the industry players broke the law by requiring patients to conduct weekly tests. The companies then submit these bills to Medicare for reimbursement, even asking to be repaid for services that weren’t rendered, according to […]
Report: Pharma companies ask Supremes to take eye-dropper case
A group of pharmaceutical companies, including Allergan (NYSE:AGN) and Merck (NYSE:MRK), have asked the Supreme Court to review a case between the industry players and patients regarding the design of the companies’ eye-droppers, according to a report from the AP. In the on-going legal debate, patient groups have claimed that the companies’ devices dispense large drops of medication […]
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