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.

Pillsbury Winthrop Shaw Pittman
ANALYSIS: The UK Appoints New Anti-Corruption Unit: A Look at the Global Ramifications more
Paul Hastings LLP
ANALYSIS: The DOJ Hires its Own FCPA Compliance Expert to Determine When a Company Should be Criminally Charged more
Steptoe & Johnson LLP
ANALYSIS: The Internships that Backfired: BNY Mellon Settles FCPA Investigation over Intern Hiring Practices more
Bryan Cave LLP
ANALYSIS: Court Ruling Narrows Jurisdictional Reach of FCPA for Foreign Actors, Rejecting Government’s Overreach... more
Squire Patton Boggs
ANALYSIS: Australian Federal Police Launch Crackdown on Foreign Bribery by Corporates more
Proskauer Rose LLP
ANALYSIS: Seventh Circuit Rejects Court Challenge to Pending SEC Administrative Enforcement Proceeding more

President Barack Obama speaks at outgoing Attorney General Eric Holder's portrait unveiling ceremony.



Attorney General Eric Holder called for a lower bar to federal civil rights prosecutions in an exit interview with Politico's Mike Allen.

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