Teva CFO denies it conspired to fix prices

May 13, 2019

Teva Pharmaceutical Industries’ chief financial officer Mike McClellan told a conference on Sunday that the drugmaker had undertaken no wrongdoing after being hit with a price-fixing lawsuit from 44 states in the United States. The suit is an amended one and not new.

According to a filing in the US District Court in Connecticut, Teva's US unit and 19 drug companies conspired to divide up the market for drugs to avoid competing and  conspired to prevent prices from dropping or to raise them. Prosecutors allege that Teva took a lead role in raising drug prices by up to 1,000% in order to beat back competition from generics.

Teva  has reiterated that has not engaged in any conduct that would lead to civil or criminal liability.

Read the Reuters report.