Tags: mylan | sec | epipen | charges

Mylan to Pay $30 Million to Settle SEC Suit Over EpiPen Probe

Mylan to Pay $30 Million to Settle SEC Suit Over EpiPen Probe
(AP)

Friday, 27 September 2019 11:26 AM

Mylan NV will pay a $30 million civil fine to settle U.S. Securities and Exchange Commission charges it concealed a possible loss related to a federal probe on whether it overcharged Medicaid by hundreds of millions of dollars for sales of its EpiPen Auto-Injector.

The SEC accused Mylan of misleading investors by failing to disclose or set aside money for the two-year probe by the U.S. Department of Justice before it announced a $465 million settlement in 2016.

According to the SEC, Mylan's misclassification of EpiPen, which is used to treat severe allergic reactions, as a "generic" drug allowed the company to pay much lower rebates to the government than if it were classified as a "branded" drug.

Mylan did not admit or deny wrongdoing in agreeing to settle. In a statement, the company called the settlement "the right course of action."

© 2019 Thomson/Reuters. All rights reserved.

   
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Mylan NV will pay a $30 million civil fine to settle U.S. Securities and Exchange Commission charges it concealed a possible loss related to a federal probe on whether it overcharged Medicaid by hundreds of millions of dollars for sales of its EpiPen Auto-Injector.
mylan, sec, epipen, charges
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2019-26-27
Friday, 27 September 2019 11:26 AM
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