To Get Help Now
Click Here
 
Today's Date:

Investors File Lawsuit against Abbott Laboratories Directors

AddThis Social Bookmark Button

Abbott Laboratories investors have filed a lawsuit against certain directors and officials of the pharmaceutical company over breaches of fiduciary duty in regards to the off-label marketing of the epilepsy drug Depakote and a settlement with the US government that will cost Abbott $1.3 billion.

According to a spokesperson for Abbott, settlement negotiations are ongoing; however the tentative agreement calls for Abbott to pay nearly $800 million to resolve civil claims over Depakote, and $500 million in criminal penalties for marketing the drug for unapproved uses. Depakote is an epilepsy medication that whistleblowers said was being marketed for aggression and agitation in people with dementia, as well as for autism and sexual compulsion.

The FDA approved Depakote for use in the prevention of migraine headaches, treating acute manic episodes in patients with bipolar disorder, and stopping seizures. Though physicians can prescribe FDA approved medications for off-label uses, drug companies are not allowed under US law to market any drug for uses other than those for which it was approved.

The final settlement results between Abbott Laboratories, the US government, and at least 24 states are expected to be released sometime in December.

 

 

breakinglawsuitnews.com disclaimer: This article: Investors File Lawsuit against Abbott Laboratories Directors was posted on Thursday, December 1st, 2011 at 8:17 pm at breakinglawsuitnews.com and is filed under Defective Drug Lawsuits.

« »

Comments are closed.