Mylan declines Senate committee request to testify about EpiPen
- Wall Street falls as investors ready for Trump's inauguration
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
- Skyworks Solutions (SWKS) Tops Q1 EPS by 3c, Offers Q2 Guidance, Announces Buyback
- After-Hours Stock Movers 01/19: (SWKS) (QRVO) (NVAX) Higher; (AFMD) (SGYP) (IBM) Lower (more...)
EpiPen auto-injection epinephrine pens manufactured by Mylan NV pharmaceutical company for use by severe allergy sufferers are seen in Washington, U.S. August 24, 2016. REUTERS/Jim Bourg/File Photo
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
(Reuters) - Mylan NV (NASDAQ: MYL) has declined a U.S. Senate committee request to testify about a $465 million pending settlement to resolve charges the company underpaid government healthcare programs by misclassifying its the EpiPen emergency allergy treatment.
In a Nov. 18 letter to the Senate Judiciary Committee released on Monday, Mylan said the company would not attend since government agencies had also refused to testify.
Senator Chuck Grassley, who chairs the committee and had scheduled the hearing for Nov. 30, said in a statement on Monday that Mylan was "ducking responsibility."
Mylan has come under fire for raising the price of a pair of EpiPens to $600 from $100 in 2008 and listing it with Medicaid as a generic product even though it is listed with the U.S. Food and Drug Administration as a branded product. Companies pay smaller rebates to Medicaid for generics.
Following months of Congressional scrutiny, Mylan in October announced a settlement with the Justice Department.
The settlement has not yet been executed, however.
"This seems to contradict Mylan's claim that all potential liability claims have been resolved," Grassley said.
Officials at the Justice Department and the Centers for Medicare and Medicaid Services, which administers Medicare and Medicaid, have declined to testify at the hearing.
Grassley may reschedule the hearing and has the power to issue subpoenas, Jill Gerber, a spokeswoman for Grassley, said in an email. The authority is rarely used and would require a vote or the unanimous consent of the committee, she added.
"One way or another, I intend to get answers for patients and taxpayers," Grassley said in the statement.
Separately, Grassley wrote on Monday to the Securities and Exchange Commission encouraging it to investigate, if it was not already doing so, whether Mylan misled investors when it announced its settlement with the Justice Department.
He asked the SEC to let the committee know by Nov. 29 whether it was investigating.
The SEC declined to comment. A Mylan spokeswoman did not immediately respond to a request for comment.
(Reporting by Toni Clarke in Washington; Editing by Richard Chang)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- ChinaNet (CNET) Updates Corporate Website
- Zynerba Pharma (ZYNE) Plans Offering of Common Stock
- HomeStreet (HMST) Announces Finalization of Settlement Agreement with SEC
Create E-mail Alert Related CategoriesLitigation, Reuters, Trader Talk
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!