Teva Pharm CFO says company did not conspire to fix prices

Teva Pharmaceutical Industries

The sweeping lawsuit alleges that drug companies conspired to inflate the prices of more than 100 different drugs.

A complete list of the states filing the suits and the drug makers can be found here.

Maine Attorney General Aaron Frey is signing on to the 44-state coalition led by Connecticut Attorney General William Tong.

But in a statement Sunday in response to a "60 Minutes" report about the investigation and lawsuit, the Association for Accessible Medicines, an industry group, said it and generic-drug companies "are committed to supporting policies that promote competition and help speed the availability of generic and biosimilar medicines to patients".

Teva's stock was the clear underperformer among the group as the Israel-based company was singled out by NYT for raising prices on almost 400 formulations of 112 generic drugs.

Miller says the drugs included covered basic infections, diabetes, cancer, epilepsy, multiple sclerosis, HIV, ADHD and more.

Teva and other drug companies are denying the allegations.

A lawsuit filed in a federal court on Friday alleges that several generic drug companies conspired to fix prices, resulting in often dramatic price increases for their products.

Pfizer said its subsidiary in charge of generic drugs intends to "vigorously defend" the allegations.

Once an investigation was initiated by the State of CT, in July 2014, the lawsuit alleges that such price increases "slowed dramatically". The suit accuses Teva Pharmaceuticals of being the mastermind behind the scheme.

The suit says that in 2012, companies chose to "take this understanding to the next level", embarking on "one of the most egregious and damaging price-fixing conspiracies in the history of the United States".

The suit says that the defendants knew their conduct was unlawful and usually chose to communicate in person or by cell phone "in an attempt to avoid creating a written record of their illegal conduct".

Tong said the lawsuit expands on a similar complaint filed in 2016 and said that the lawsuit announced Monday is 10 times bigger. Two former executives in that case have entered into settlement agreements, according to a statement from the Maine Attorney General's Office. The state is seeking relief, including triple damages for ME governmental and consumer purchasers, civil penalties, a court order that compels defendants to refrain from certain behaviors, attorney's fees and investigative and litigation costs.

The evidence also reportedly shows how the different drug companies have agreed not to compete with each other to keep prices as high as possible.

Related News:

  • Explorer dives to deepest point in the ocean, stunned to find plastic

    Victor Vescovo and his submarine " The Limiting Factor " are recovered after completing the deepest dive in history. A robotic lander photographs the creatures in the deep Mariana Trench and the submersible in the background.
    NBA Draft lottery odds stacked against the Miami Heat

    NBA Draft lottery odds stacked against the Miami Heat

    Now they could jump into the top four , and the odds the Wolves have give them at least a puncher's chance of doing that. The Pelicans' pick falling into the top five may be a little more of a long shot, with only a 31.9 percent likelihood.
    China Responds to Trump's New Tariffs, Targeting $60 Billion in US Exports

    China Responds to Trump's New Tariffs, Targeting $60 Billion in US Exports

    Congressional Budget Office and current president of the American Action Forum, believes Trump's approach could backfire. China has said it will impose tariffs on $60bn (£46bn) of U.S. goods from 1 June, extending a bilateral trade war.
  • Six shot dead as Sudan sees breakthrough in civil rule talks

    Six shot dead as Sudan sees breakthrough in civil rule talks

    They were killed in gunfire at a sit-in outside military headquarters where demonstrators are demanding full civilian government. The demonstrators, however, have remained in the streets, demanding the military hand over to civilian rule.
    Tearful Felicity Huffman admits role in U.S. college admissions scandal

    Tearful Felicity Huffman admits role in U.S. college admissions scandal

    According to the lengthy indictment ET obtained in March , Huffman allegedly paid $15,000 to help get her and husband William H. He is scheduled to be sentenced September 19.

    Apple TV's "Channels" subscriptions and TV app overhaul are here

    Apple's original video subscription service, Apple TV+, will also be accessible from this app when it launches in the fall. Apple has been working with some of the biggest TV manufacturers to expand the footprint of its new TV app.
  • Cristiano Ronaldo Savagely Trolls Florenzi For Being Too Short

    Cristiano Ronaldo Savagely Trolls Florenzi For Being Too Short

    However, for the first time in over a century, they have removed the iconic black-and-white stripes traditionally worn by players.
    The Moon has moonquakes

    The Moon has moonquakes

    The Moon's cooling interior temperatures have caused the lunar orb to shrivel by 150ft (50m) over hundreds of millions of years. This shrinking is causing wrinkles in the crust of the moon, and it is, in turn, resulting in the rise of seismic activities.
    Kabir Singh: Shahid Kapoor Explains Smoking And Drinking Scenes In Film

    Kabir Singh: Shahid Kapoor Explains Smoking And Drinking Scenes In Film

    Shahid Kapoor is set for yet another interesting tale which is his upcoming gritty drama, Kabir Singh . We get to know more about Kabir who is self-destructive, violent, stubborn.
  • Google's Digital Wellbeing feature is slowing down Pixel devices

    Google's Digital Wellbeing feature is slowing down Pixel devices

    The phones have similar constructions, so in the end they both got a 6 out of 10 repairability score, where 10 is easiest to fix . As for Android Q , at I/O 2019 , Google revealed a set of new features like Dark mode, smart replies, suggestions among others.
    European Union  elections: Tories sink to fifth in London, poll shows

    European Union elections: Tories sink to fifth in London, poll shows

    Mr Watson also described Labour's position in relation to the European elections as a "remain and reform" party. He said for some people, the election is being seen as nearly a second referendum on whether to leave the EU.
    China hits back in trade war with US

    China hits back in trade war with US

    Consumer to pay the Tariffs". "Many tariffed companies will be leaving China for Vietnam and other such countries in Asia". The president insisted increases on Chinese goods don't hurt American consumers, saying there is "no reason for the U.S.

Most liked

The Moon Is Shrinking
But 28 of those quakes were relatively shallow and powerful - one had a magnitude of 5.5, according to a NASA factsheet . Schmerr added that these new findings are actually emphasising the need to visit moon again in the near future.

Boston Celtics need a good Gordon Hayward to avoid elimination
"I think [dealing with expectations] was the challenge for our group all year, and we really tried our best", Horford said. The Celtics wouldn't have to look hard to find ways they could've been better Wednesday night.

Jonas Brothers Reunite for Colorful Performances on ‘Saturday Night Live’
This SNL performance is just one of many venues that we're probably going to be seeing from them over the past several months. Suffice it to say, they weren't really able to resolve much of anything when it comes to their cases.

Charges Against Conor McGregor Have Been Dropped From Incident In Miami Beach
A former UFC featherweight and lightweight champion, McGregor has become one of the sport's biggest stars and a global celebrity. Prosecutor Khalil Madani added: " The victim of the crime does not wish to return to the United States and prosecute this case ".

HTC flagships getting a slice of Android Pie starting this month
The present Android 9 update can probably be considered a final gesture of goodwill for the company's loyal fans. The last few years have been hard on the company, forcing it to downsize its business and exit numerous markets.

How Sanders and Ocasio-Cortez Plan to Wrangle Big Banks
Another industry spokesman, Richard Hunt, of the Consumer Bankers Association, that includes J.P. That's up 35% from 2012, according to S&P Global Market Intelligence.

Lenovo reveals the world’s first foldable PC
Still, it was enough to get an idea of what a foldable PC is going to look like and what it'll be like to work on one. Since Lenovo hasn't shared more info on the same, we expect to get more information by the next CES event.

Trump says trade deal with China was 95 percent done
Forecasters have warned that the USA tariff hikes could set back a Chinese recovery that had appeared to be gaining traction. However, China's offshore yuan hit a fresh 2019 low in Asian trade before rebounding to trade at 6.8989 per dollar, up 0.2%.

Liverpool 2-0 Wolves: Player Ratings - What the media and statistics say
Sarri's Napoli team ended up with 91 points last season but still finished second to Juventus in the Serie A table. There's a lot to come, a lot of years and it's all about you, what you do with it - and that's what we do with it.

London rally in support of Palestine focus of dailies — Newspaper Review
Taking to the stage for a speech, Tamimi said she was a freedom fighter and refused to be defined as a victim. As our audience increases - so do our costs. "We want them to lift the siege so we can work".

The 2019 iPhone XR could come in two new colors
This has been the pattern employed by the tech giant in recent years and there is no indication things will change this year. The latter scenario was suggested by Bloomberg's claim that handsets D43 and D44 "will be about half a millimeter thicker".

WhatsApp vulnerability exploited by Israeli spyware targets human rights campaigners
The Facebook-owned company discovered the vulnerability and issued a security advisory earlier this week, asking its users to update the app.

Tottenham and Everton to hold talks over Lucas Digne swap deal
They have put so much unbelievable effort in. "We are in a moment, living a dream". "Of course I can see (progress)", Silva said. Silva wants to keep both of them at the club, though Gomes has been heavily linked with a move to Spurs.

California jury awards couple $2 billion in Monsanto/Bayer Roundup cancer trial
The company noted that none of the California verdicts has been considered by an appeals court and that the U.S. The jury ruled the company had acted negligently, failing to warn of the risks associated with the product.

Halep beats Bencic to reach fourth Madrid Open final
Bencic also beat the double Grand Slam victor in March at Indian Wells . "But overall, I'm pretty happy how I fought". The seventh-seeded Bertens defeated American Sloane Stephens , the No. 8 seed, 6-2, 7-5 in the other semifinal.