NY Attorney General says Teva lied on opioids

Attorney General Letitia James said new evidence showed that a senior Teva tax executive had in a sworn affidavit made “demonstrably false representations,” “Reuters” reports.

New York Attorney General Letitia James has slammed Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) for allegedly lying to evade accountability for helping fuel the state’s opioid crisis, and should be restored to litigation where the Israeli company’s US unit had been found liable, “Reuters” reports.

James said in a court filing that there was new evidence that a senior Teva tax executive had in a sworn affidavit made “demonstrably false” representations that the parent did not promote or sell opioids in the US, or control Teva Pharmaceuticals USA’s finances or activities.

“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 added.

She also said that Teva’s use of offshore accounts to shelter potentially large sums of money from its American business created “real concern” the company might not pay damages following a Dec. 30 Suffolk County jury verdict that the US unit violated state public nuisance laws. Teva told “Reuters” in response, “Teva denies misleading the court, and after the court is fully briefed we expect the judge to rule in our favor.”

Teva’s share price is currently down 3.97% on the NYSE at $7.14, giving a market cap of $8.006 billion.

Published by Globes, Israel business news – en.globes.co.il – on July 11, 2022.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

Teva  credit: Shutterstock

Teva credit: Shutterstock

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