Untimely Disclosures Regarding Medicaid Misclassification Costs Mylan N.V. $30 Million
On September 27, 2019, Mylan N.V. agreed to pay the SEC $30 million to settle charges brought against the Company for failing to timely disclose a loss contingency arising from a Department of Justice's investigation into Mylan's misclassification of its most profitable product, EpiPen, which resulted in hundreds of millions of dollars in ...
Federal Judge Grants Platinum Partners Co-Founder a New Trial and Former Executive is Acquitted
On September 27, 2019, U.S. District Judge Brian Cogan granted Platinum Partners co-founder Mark Nordlicht ("Nordlicht") a new trial and acquitted Platinum Partners executive David Levy ("Levy"). In July 2019, Nordlicht and Levy were convicted by a federal jury in the Eastern District of New York for their alleged roles in defrauding investors. ...
Direct Purchasers of Suboxone Certified as a Class in Product Hop Case
On September 26, 2019, Judge Mitchell S. Goldberg of the United States District Court for the Eastern District of Pennsylvania certified a class of direct purchasers of Reckitt Benckiser's opioid addiction drug, Suboxone, and appointed Faruqi & Faruqi, LLP as Co-Lead Counsel for the class. In In re Suboxone, plaintiffs allege that Reckitt ...
New DOL Rule Makes 1.3 Million Workers Eligible for Overtime Pay
This week, the United States Department of Labor ("DOL") finalized a new rule that increases the salary threshold required for executive, administrative, or professional ("EAP") workers to qualify as exempt from overtime under the Fair Labor Standards Act ("FLSA"). The new DOL rule requires employers to pay overtime to EAP employees that earn ...
Congressional Committee Pushes for Tighter Restrictions On The Sale Of Unregistered Securities
Earlier this month members of the house Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets urged Congress to adopt more robust regulations on the sale of unregistered securities. The discussion centered around eight legislative proposals that are designed to address the risks facing investors from the growth of private ...
Opioid Litigation Watch : Johnson & Johnson Ordered To Pay Oklahoma $572 Million
On August 26, 2019, an Oklahoma state court held Johnson & Johnson liable for causing the opioid crisis under an Oklahoma public nuisance law in one of the nation's first opioid crisis cases to go to trial. The court ruled that Johnson & Johnson was responsible for causing the opioid crisis by exaggerating the benefits of its narcotic painkillers ...
Pressure Mounts as State Attorneys General Launch Antitrust Investigations into Facebook and Google
Big tech is facing antitrust scrutiny from all sides as coalitions of state attorneys general launch investigations into Facebook and Google, reinforcing the already-initiated federal investigations into possible anticompetitive conduct by the tech giants. Letitia James, Attorney General for the State of New York, announced an investigation ...
Judge Finds No Surgery Required to Sustain the Plausibility of the Overarching Conspiracy Alleged in the Generic Pharmaceuticals Pricing Antitrust Litigation
On August 15, 2019, the United States District Court for the Eastern District of Pennsylvania overseeing the Generic Pharmaceuticals Pricing Antitrust Litigation multidistrict litigation ("MDL") denied in full generic drug manufacturer defendants' motion to dismiss plaintiffs' overarching conspiracy claims, concluding that the "connective ...
Lost Cryptocurrency Value Reportedly Surpassed $4.26B Globally in 2019
On Tuesday, August 13, 2019, the cryptocurrency intelligence firm CipherTrace released its Q2 2019 Cryptocurrency Anti-Money Laundering Report, which analyzes cryptocurrency-related crime and countries' efforts to regulate the cryptocurrency economy. The firm reported that over $4.26 billion in cryptocurrency holdings were lost worldwide in ...
Capital One Data Breach Exposes Sensitive Data of Over 100m Americans
On July 29, 2019, Capital One announced the theft of over 100 million of its customers' private information, including social security and bank account numbers, resulting from a cybersecurity attack against its data systems. The hacker exploited vulnerabilities in Capital One's infrastructure located on its Amazon Web Server. Faruqi & Faruqi ...