Opioid Makers, Distributors Fall Following WSJ Report on Federal Probe
November 26 2019 - 1:51PM
Dow Jones News
By Maria Armental
Shares in several opioid makers and distributors fell Tuesday
following a report in The Wall Street Journal that federal
prosecutors were investigating whether companies had intentionally
allowed opioid painkillers to flood communities.
At least six companies have said in regulatory filings that they
received grand-jury subpoenas from the U.S. attorney's office in
the Eastern District of New York: Teva Pharmaceutical Industries
Ltd. (TEVA, TEVA.TV), Mallinckrodt PLC (MNK), Johnson & Johnson
(JNJ), Amneal Pharmaceuticals Inc. (AMRX), AmerisourceBergen Corp.
(ABC) and McKesson Corp. (MCK).
People familiar with the matter said the subpoenas were in
connection with the federal probe, the Journal reported.
In midday trading Tuesday, Teva fell 9%, to $9.75; McKesson fell
5%, to $145.48; Mallinckrodt fell 5%, to $3.42; AmerisourceBergen
fell 4%, to $87.05; J&J fell 1.4%, to $135.26; and Amneal fell
12%, to $2.99.
A J&J spokesman said the company believes its policies and
procedures to stop opioid medications from being used for
non-medical purposes complied with the law.
Spokespeople for Teva, McKesson, AmerisourceBergen and Amneal
didn't respond to requests for comment. A spokesman for
Mallinckrodt declined to comment.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
November 26, 2019 13:36 ET (18:36 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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