PITTSBURGH, PA / ACCESSWIRE / July 7, 2020 / Law Office of Alfred G. Yates Jr, P.C. urges long term shareholders in Novartis AG ("Novartis" or "the Company") (NVS) to contact us to learn more about your rights. The firm is investigating whether Novartis directors breached their fiduciary duties.
phone an Attorney Now: (412) 391-5164, 1-844-391-5164
Novartis AG (NVS) Shareholder Investigation:
The investigation concerns whether Novartis and the board of directors may have breached its fiduciary duties to shareholders by violating Medicare anti-kickback laws and the Foreign Corrupt Practices Act.
On July 1, 2020, Novartis reached a $687 million settlement in a civil fraud lawsuit that alleged the company bribed doctors at speaker events it organized. The United States Department of Justice was investigating Novartis on claims it violated the federal False Claims Act and Anti-Kickback Statute by providing doctors with cash payments and other inducements, which led them to prescribe Novartis drugs reimbursed by federal healthcare programs. The company also agreed to an additional $51 million settlement related to the company's use of three foundations to funnel payments to cover costs for patients taking its multiple sclerosis drug Gilenya and kidney cancer drug Afinitor.
On June 25, 2020, Novartis agreed to pay $225 million in criminal penalties and disgorge $112 million to settle bribery allegations. The U.S. Department of Justice and the Securities and Exchange Commission was investigating Novartis on claims that: (1) Novartis had bribed doctors and hospitals in Greece to prescribe "Novartis-branded pharmaceuticals"; (2) the Company had paid bribes in Vietnam to advance their business; and (3) Novartis falsified their financial records to conceal said activities.
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Alfred G. Yates Jr., Esquire
SOURCE: Law Office of Alfred G. Yates Jr., P.C.
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