King Pharma says SEC ends payment probe |
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Fri, 26 Oct 2007 23:02
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NEW YORK (AP) - King Pharmaceuticals Inc. said federal regulators decided not to recommend enforcement action against the drug maker, following a probe of its government-related payments, according to a Securities and Exchange Commission filing Friday.In the filing, Bristol, Tenn.-based King said, as previously reported, the SEC was investigating its disclosed underpayments to governmental pricing programs and errors related to reserves for product returns. The filing said the SEC investigation was over.In November 2005, King said it agreed to resolve governmental investigations related to the company's underpayment of rebates owed to Medicaid and other governmental pricing programs during the period from 1994 to 2002.Shares of King fell 7 cents to close at $10.09.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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