- 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.
This was corrected on 07/11/2022 at 3:48 PM. This story has been updated with comment from Teva.
Recommended For You
More Trending News
See More »