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Teva Pharmaceuticals Industries Limited

Company NameTeva Pharmaceuticals Industries Limited
Stock SymbolTEVA

On August 18, 2020, the U.S. Department of Justice (“DOJ”) announced that it had filed a complaint against Teva under the False Claim Act, alleging that, from 2007 through 2015, Teva paid certain foundations “with the intent and understanding that they would use Teva’s money to cover the Medicare co-pays of patients taking Copaxone.” The DOJ further stated that during this period “Teva raised the price of Copaxone from approximately $17,000 per year to over $73,000 per year.”

 

On this news, Teva’s American Depositary Receipt (“ADR”) price fell $1.11 per share, or over 9%, to close at $10.48 per ADR on August 18, 2020, thereby injuring investors.

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