New York Attorney General Says Teva Tried To Evade Accountability On Opioid Crisis: Report

Reuters reported that New York's attorney general said Teva Pharmaceutical Industries Ltd TEVA lied to evade accountability regarding its role in the state's opioid crisis.

Teva was accused by Attorney General Letitia James, Nassau County, and Suffolk County of using misleading marketing for opioids.

In a court filing, James said new evidence showed that a senior Teva tax executive had made "demonstrably false" representations in an affidavit that the parent did not promote or sell opioids in the U.S.

"This new evidence shows an even greater disregard for the pain and destruction that this company fueled" and may constitute a "fraud on the court," James said.

The attorney general also said Teva's use of offshore accounts to shelter substantial income from the U.S. business created "real concern" that the company might not pay damages following a December 30 Suffolk County jury verdict.

Teva said: "Teva denies misleading the court, and after the court is fully briefed, we expect the judge to rule in our favor."

The attorney general said she had reached $539 million of settlements with Johnson & Johnson JNJ, Abbvie Inc ABBV, and $1.18 billion with AmerisourceBergen Corp ABC, Cardinal Health Inc CAH and McKesson Corp MCK. 

Price Action: TEVA shares are up 1.02% at $6.93 during the premarket session on the last check Tuesday.

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