DOJ Gets In on Teva Pharmaceutical Bribery Probe
By Douglas Gillison | November 2, 2012 4:12 pm

The Justice Department has joined the Securities and Exchange Commission in scrutinizing the Israeli generic drug producer Teva Pharmaceutical Industries Ltd. for potential foreign bribery violations, according to a regulatory filing.

The company disclosed in August that it had hired outside counsel after being subpoenaed by the SEC in July about its operations in Latin America.

In a 6-K foreign issuer’s report filed Thursday with the SEC, the company said it had also received “informal document requests” from the Justice Department on Oct. 10 and Oct. 26. The company says it is also conducting an internal review.

Based in the city of Petah Tikva east of Jerusalem, the company boasts of a 20 percent share of the U.S. market, with 1.5 million prescriptions for its drugs written by U.S. doctors every day. The company is traded on the New York Stock Exchange via American Depositary Receipts and reported a 14 percent year-on-year rise in third-quarter net revenues to $5 billion.

Here is the relevant text from Thursday’s filing:

Teva received a subpoena dated July 9, 2012 from the SEC to produce documents with respect to compliance with the Foreign Corrupt Practice Act (“FCPA”) in Latin America. On October 10 and October 26, 2012, the Department of Justice sent informal document requests to the Company as well. Teva is cooperating with the government. Teva is also conducting a voluntary investigation into certain business practices which may have FCPA implications and has engaged independent counsel to assist in its investigation. These matters are in their early stages, and no conclusion can be drawn at this time as to any likely outcomes.

Previous coverage by Just Anti-Corruption:

Friday, August 3, 2012
Facebook Twitter Linkedin Email

Leave a Comment

You must be logged in to post a comment.

Ernst & Young LLP
Dealing with complex issues of fraud, regulatory compliance and business disputes can detract from efforts to succ... more
Barnes & Thornburg LLP
ANALYSIS: Conviction of Private Investigators in China Further Complicates Anti-Corruption Compliance Efforts more
Arnall Golden Gregory LLP
ANALYSIS: Costly FCPA Misconceptions more
McGuireWoods LLP
ANALYSIS: The Long Arm of British Anti-Corruption Laws and the Impact on Individual Defendants more
Dentons
ANALYSIS: Conducting Compliance Investigations in China: A New Regulatory Environment more
Zuckerman Spaeder LLP
ANALYSIS: Five Takeaways from the Second Circuit’s Dodd-Frank Decision in Liu v. Siemens more
Dorsey & Whitney LLP
ANALYSIS: Anti-Corruption Campaign in China – Causes of Corruption, and Hope? more

LATEST SPECULATION ABOUT HOLDER'S DEPARTURE:He's always supposed to have one foot out the door.

USDOJ: CRIMINAL DIVISION NEWS  
An error has occurred, which probably means the feed is down. Try again later.