It would appear that the settlement with Tullett was finalized but not made public prior to 12/31/2014; therefore, the expense was charged in '14. Or maybe the outcome was known but had not been finalized and BGC decided to take the charge anyway just to get it off the books. Speculation only.. not an authority in this area. Either way, Lutnick , on CNBC yesterday, when referring to the difference between 4th Q GAAP and distributable earnings eluded to the settlement as the primary reason and stated they (BGC) wanted to "wash out the past and resolve this stuff". Gives some credence to why they booked the expense in the 4th Q.
GAAP loss was related to several expenses /charges (see BGC's website) but the largest offset is related to the following...... (copied from press release) " The difference between non-compensation expenses in the fourth quarter of 2014 as calculated for GAAP and distributable earnings was due to $87.9 million in charges with respect to acquisitions, dispositions and/or resolutions of litigation, largely related to the settlement of all legal claims with Tullett, as well as other non-cash, non-dilutive, and/or non-economic items"
For what it's worth......Blackrock filed a SC13G form today with the SEC representing a 5.8% ownership in ATRS ( 7,632,736 shares). Their last filing was in January 2014 which reflected a total of 7,270,789 shares. Net increase of 362,000 in a year.
You have to expect that Mylan will use all available tactics to delay the approval of a product that will ultimately decease their revenues. Especially when a product has the chance to be deemed superior in design and efficiency. I would imagine that the FDA is quite familiar with this manuever and will give it the cursory review as required by policy. However, it appears to be a last -ditch delay tactic and one would hope that the FDA recogonizes it as such. As a promenient generic player with years of experience in working with the FDA, TEVA should be well positioned to anticipate and plan for these contigencies. As usual, the un-informed, knee jerk reaction of the retail investor will probably depress the share price further based on this potential non-event. Thus goes the market.