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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-12-01T15:47:00
Pharmaceutical company Mallinckrodt, fresh out of its second bankruptcy, was spared having to pay a $40 million penalty levied by the Securities and Exchange Commission (SEC) for alleged disclosure and accounting failures related to its underpaying of Medicaid rebates regarding its drug Acthar.
The SEC said in an administrative proceeding Thursday it considered Mallinckrodt’s financial condition and agreement to retain an independent compliance consultant in determining not to impose a penalty. On Nov. 14, Mallinckrodt announced the completion of its financial restructuring to emerge from Chapter 11 proceedings.
Mallinckrodt had also filed for bankruptcy in October 2020, the same year the U.S. government filed a complaint alleging the company knowingly underpaid rebates due for Acthar from 2013-20. In March 2022, the Department of Justice announced the company agreed to pay approximately $260 million for violating the False Claims Act.
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News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
2024-01-23T18:03:00Z By Jeff Dale
Food processing company ADM announced Chief Financial Officer Vikram Luthar was placed on administrative leave pending an investigation into accounting practices and procedures flagged by the Securities and Exchange Commission.
2022-08-19T17:38:00Z By CW Staff
Mallinckrodt, a global pharmaceutical company, announced the promotions of its senior compliance and legal vice presidents to the executive level.
2022-03-08T19:23:00Z By Kyle Brasseur
Pharmaceutical company Mallinckrodt agreed to pay approximately $260 million as part of a settlement announced by the Department of Justice for underpaying Medicaid rebates and violating kickback laws regarding its drug Acthar.
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