Another suit against Eli Lilly for Zyprexa |
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Wed, 04 Apr 2007 06:34
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INDIANAPOLIS (AFX) - Shareholders have become the latest plaintiffs to sue Eli Lilly and Co. over its top-selling drug, the anti-psychotic Zyprexa.A lawsuit, filed late last month in federal court, accuses the drug maker of fraudulent conduct that led to a $30 billion decline in the company's market value in 2004.The complaint cites New York Times articles from last year that stated Lilly knew of health risks tied to the drug and denied the risks repeatedly. The lawsuit also accuses Lilly of purposely marketing the drug for illegal, off-label uses.The seeks class-action status on behalf of those who purchased Lilly securities between March 28, 2002, and Dec. 22, 2006. It notes that the price of Lilly stock grew from $43.75 per share on July 18, 2002, to nearly $77 on May 7, 2004.Lilly spokesman Phil Belt told The Associated Press in an e-mail that the latest lawsuit was based on news stories using 'leaked documents that were hand-picked by our adversaries to paint an inaccurate, incomplete and misleading picture of Lilly.'Belt said the documents on which the Times articles were based 'are just a tiny fraction of the more than 15 million pages of documents provided by Lilly as part of the litigation process.''These selected documents, as well as the associated news stories, do not accurately portray Lilly's strategy or conduct,' he said.A federal judge in New York ruled earlier this year that a Times reporter conspired with an Alaska-based lawyer to obtain and illegally distribute internal documents from Lilly and banned further disclosure.Zyprexa registered $4.4 billion in sales last year as Lilly's top-selling drug.Lilly has faced thousands of lawsuits over the drug. In a June 2005 settlement, the company agreed to pay about $700 million to resolve more than 8,000 product-liability lawsuits involving patients.In January, the company announced it would settle about 18,000 more lawsuits and said about 1,200 were still pending.Insurers and several state attorneys general also have sued Lilly over Zyprexa.Eli Lilly shares closed up 36 cents, to $54.75, in trading Tuesday on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.newsdesk@afxnews.comjfrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Zyprexa lawsuits |
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Wed, 04 Apr 2007 07:54:12 GMT (
Daniel Haszard ) |
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Eli Lilly makes billions on diabetes treatment and also gets $4.2 billion a year in sales of their biggest cash cow Zyprexa which has been scandalized as *causing* diabetes as a major side effect.
Not fair!
Zyprexa off label promotion scandal is all over the news now.
Lilly drug reps are alleged to have called their marketing ploy,"Viva zyprexa".
Eli Lilly zyprexa cost me over $250.00 a month supply out of my own pocket X 4 years and has up to ten times the risk (over non users) of causing diabetes and severe weight gain.
Zyprexa which is only FDA approved for schizophrenia (.5-1% of pop) and some bipolar (2% pop) and then an even smaller percentage of theses two groups.
So how does Zyprexa get to be the 7th largest drug sale in the world?
Eli Lilly is in deep trouble for using their drug reps to 'encourage' doctors to write zyprexa for non-FDA approved 'off label' uses.
The drug causes increased diabetes risk,and medicare picks up all the expensive fallout.There are now 7 states (and counting) going after Lilly for fraud and restitution.
In 2004, the American Diabetes Association found that Zyprexa was more likely to cause diabetes than many other antipsychotic drugs.
Whoa please don't shoot the messenger
A big hurdle with the Zyprexa issue is Lilly's credibility over their continuous PR on how they are going to pay out $1.2 billion in damages.As long as they keep up this rhetoric and don't actually pay the issue won't go away.
They need to think about 'putting their money where their mouth is'.
Daniel Haszard Bangor Maine www. zyprexa-victims.com
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Court halts spread of Lilly documents 