Home / Biopharma / Pfizer Inc. (NYSE:PFE) Decides To Pay Around $785M to Resolve Allegations- Merck & Co. (NYSE:MRK)

Pfizer Inc. (NYSE:PFE) Decides To Pay Around $785M to Resolve Allegations- Merck & Co. (NYSE:MRK)

Drugmaker, Pfizer Inc. (NYSE:PFE) [Trend Analysis] released that it has decided to pay around $785M to resolve allegations that one of its companies failed to give Medicaid the same discounts it provided to private purchasers of a heartburn treatment, federal prosecutors announced Wednesday. The tentative deal that resolves allegations filed by two whistleblowers was first announced in February, but final approval was announced Wednesday by the U.S. attorney’s office in Boston.

The case involved alleged conduct by Wyeth before New York-based Pfizer acquired the company in 2009. Wyeth gave thousands of hospitals deep discounts on two versions of the heartburn and acid reflux prescription Protonix between 2001 and 2006, but failed to report those prices to the government as required by law so Medicaid can receive the same discounts, prosecutors said.

Pfizer Inc. (NYSE:PFE) try to make new thrust in street and making different trends, stocks trading ended with -0.15% to $33.00. The share price of PFE attracts active investors, as stock price of week volatility recorded 1.13%. The stock is going forward to its 52-week low with 18.02% and lagging behind from its 52-week high price with -7.12%.

A federal judge has agreed preliminary approval for a court case accusing Merck & Co. Inc. (NYSE:MRK) [Trend Analysis] of underpaying female sales representatives to go forward as a collective action. The court case is looking at least $250M in damages. U.S. District Judge Michael Shipp in Trenton, New Jersey, granted conditional certification to a proposed class of current and former representatives under the federal Equal Pay Act, which requires women and men to be paid equally for the same work.

The complaint asserts that Merck systematically paid female sales representatives less than their male peers, denied them promotions and subjected them to sexual harassment and an otherwise hostile work environment. Employees who become pregnant or have children were often pressured to leave the company, the complaint says.

Merck & Co. Inc. (NYSE:MRK) attempts to attain leading position in street, Shares price changes as it 0.48% to close at $56.31 with the total traded volume of 6.93 Million shares. The firm has institutional ownership of 75.20%, while insider ownership included 0.04%. Its price to sales ratio ended at 3.98. MRK attains analyst recommendation of 2.50 with week performance of -0.48%.


About Gerard Bergeron

Gerard Bergeron covers Bio-pharmacy or healthcare sector Press Releases news updates. He has extensive three year of experience in content writing as freelance writer. He performs analysis of Healthcare Companies and provides worthy information for investor community. He is an experienced writer with a precise grasp of the English language and a clear, compelling writing style.

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