Eli Lilly's Internal Probe Clears Its COVID-19 Drug Plant; Memo Says Company Did Not Make False Statements: Reuters

• Eli Lilly and Co (NYSE: LLY) revealed last month that the U.S. Department of Justice (DOJ) issued a subpoena into its manufacturing facility in Branchburg, New Jersey, but the company has already finished its independent investigation and concluded the company didn’t make false statements to the FDA, Reuters reports.

• In the internal memo, the company denied allegations that it made any false statements to the FDA. Eli Lilly, however, didn’t cover all of the employee complaints in the note.

• Lilly based its internal probe on interviews with more than 100 people.

• While Lilly may have cleared itself in an internal probe, it remains to be seen how the DOJ will proceed.

• As Reuters notes, if federal prosecutors determine the company’s probe was thorough, they may not press the issue much further.

• But if they find weaknesses in the internal investigation, they could take a stricter approach.

• Price Action: LLY shares are down 4.6% at $222.9 during the market session on the last check Friday.

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