Otsuka Holdings Co., Ltd.
|Company Name||Otsuka Holdings Co., Ltd.|
On October 12, 2017 , CNN.com published an article describing the marketing efforts of Otsuka's subsidiary Avanir Pharmaceuticals ("Avanir") with respect to Nuedexta, a treatment for pseudobulbar affect, and stated that the Company "aggressively targets frail and elderly nursing home residents for whom the drug may be unnecessary or even unsafe." The article further described "high-volume prescribing and advocacy efforts by doctors receiving payments from" Avanir, and reported that "[s]oon after Nuedexta hit the market in 2011, doctors, nurses and family members began filing reports of potential harm—ranging from rashes, dizziness and falls to comas and death." On October 19, 2017 , CNN.com reported that Los Angeles City Attorney Mike Feuer had launched an investigation into Avanir, stating that "his office is seeking information and tips from the public to help determine whether state or federal laws have been broken in the sale, marketing or prescribing of Nuedexta." On December 4, 2017 , CNN.com published an article reporting that Avanir "paid nearly 500 doctors to speak or consult on its drug, Nuedexta, between 2013 and 2016, according to government data" and that "[t]hrough a review of the top prescribers and top paid physicians in this group, CNN identified a dozen who have been disciplined by state medical boards
On this news, Otsuka's American Depositary Receipt price fell sharply thereby injuring investors.
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