Teva again in the sights of New York Attorney General over alleged role in opioid crisis

David Dee Delgado/Getty Images News

• New York Attorney General Letitia James is accusing Teva Pharmaceuticals Industries (NYSE:TEVA), the parent company of Teva Pharmaceuticals USA, of lying about its relationship with its US division and role in the opioid industry.
• James said that although Teva (TEVA) claimed in testimony before a New York court that it took no part in the U.S. opioids business, Teva's (TEVA) Israeli parent "was a primary decision maker for its American subsidiary, maintained property and employees in the country, and exerted control over its finances."
• She added that Teva (TEVA) in Israel used "a complex web of shell corporations to transfer significant funds out of Teva USA and into offshore accounts it owns and control."
• James has filed a motion in the New York Supreme Court in Suffolk County asking to vacate a prior dismissal of Teva Israel's (TEVA) role in opioid litigation so her office can conduct further discovery.
• In a statement provided to Seeking Alpha, Teva (TEVA) said, "Teva denies misleading the court, and after the court is fully briefed we expect the judge to rule in our favor."
• In May, Teva (TEVA) was part of a $161.5M opioid settlement with West Virginia.

Comments

[6012571]

How nice of SA to kick off comments because cuck liberals can't deal with the truth.

[ns96nat]

I see where this makes for a big attention grabbing headline, but is this really going to be that big a deal? West Virginia and California both discarded these nuisance claims. On appeal, I can’t see these nuisance lawsuits surviving a decision by the Supreme Court. I would think New York knows this. So maybe this is an attempt to bring in some more millions in a final out of court settlement?

[Scott Eranger]

Who is responsible for this?

[San Marzano]

@Scott Eranger The prescribing doctors, not the manufacturers or the dispensing retailers. Last I looked, a patient needed a script to get a drug!!!!

[mpcascio]

She’s going after the easy targets because the truth doesn’t fit her narrative. A typical government shakedown.

[jr52537]

My guess is they already pissed away the 161.5 million already and are now back for more.

[efactor]

@jr52537 that settlement was with West Virginia not New York

[Jon Brien]

No touch. Battleground stock. Legal overhang is perilously risky.

[Munich Value Investor]

Keep fishing. I am sure they are doing this because their legal arguments are soooo great and not at all about to be repealed in the next instance.

[billygoatsgruff]

More shakedown of big corporations - greedy lawyers and lib politicians, the latter who love stealing money from the rich and giving it to themselves.

[Joemic33]

Liberal state of NY, grasping at straws because they need cash for their agendas.