ADVFN - Advanced Financial Network.
HOME» NYSE » A » ABT Stock Price » ABT Stock News

Abbott Labs Share News

 Abbott Laboratories Stock Price
ABT Stock Price
 Abbott Laboratories Stock Chart
ABT Stock Chart
 Abbott Laboratories Stock News
ABT Stock News
 Abbott Laboratories Company Information
ABT Company Information
 Abbott Laboratories Stock Trades
ABT Stock Trades

CORRECT: Abbott To Pay $1.6 Billion To Settle Depakote Charges

("Abbott To Pay $1.6B To Settle Depakote Charges," at 1:15 p.m. EDT, misstated the number of states involved in the settlement, in the second paragraph. The correct version follows:) DOW JONES NEWSWIRES Abbott Laboratories (ABT) agreed to pay state and federal authorities $1.6 billion to settle allegations it improperly marketed the drug Depakote for off-label uses. Under the settlement, Abbott will pay $800 million to 49 states, the District of Columbia and the federal government to resolve civil allegations it marketed Depakote, which is approved for seizures, bipolar symptoms and migraines, for other uses that aren't indicated on its label. The drug maker also agreed to pay a $700 million criminal penalty and will distribute an additional $100 million to the states to resolve consumer-protection matters. Abbott also agreed to refrain from promoting the drug for off-label uses and must take steps to ensure its sales incentives don't encourage doctors to prescribe it for other uses. The settlement came after the U.S. Justice Department began investigating whether Abbott violated civil or criminal laws by marketing Depakote as a treatment for agitation, aggression in the elderly and other uses that weren't approved by the Food and Drug Administration. Drug makers are generally barred from actively promoting off-label uses of their drugs, though doctors have the discretion to prescribe off-label. State and federal authorities have been stepping up enforcement of alleged off-label promotion in recent years. Abbott last year set aside a $1.5 billion litigation reserve to pay for the settlement. The drug maker, meanwhile, is moving forward with a plan to split into two publicly traded companies, separating its medical-products and research-based pharmaceuticals operations. The pharmaceutical wing will be responsible for the new compliance and certification requirements after the separation. The drug maker must also register and disclose clinical trials for five years and must bar sales representatives from disseminating reprints of clinical studies relating to off-label uses of Depakote. Depakote was once one of Abbott's best-selling drugs, racking up $1.6 billion in sales for 2007, before patent expirations cleared the way for cheaper generic competition. Shares were recently up 9 cents at $62.50 Monday. The stock has climbed 19% over the past year. -By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; andrew.fitzgerald@dowjones.com

Stock News for Abbott Labs (ABT)
DateTimeHeadline
04/01/201509:00:00Abbott Hosts Conference Call for First-Quarter Earnings
04/01/201507:45:50Abbott prices Mylan shares at $58.35
03/31/201507:07:02The Single Worst Practice of the Drug Industry
03/30/201510:19:38The Best Stocks To Buy This Week
03/30/201508:38:10Abbott Labs Files to Sell Nearly a Third of Its Mylan Stake
03/28/201502:11:30Dividend Achievers Top 20 Hits The Mark, Again
03/27/201517:11:55Statement of Changes in Beneficial Ownership (4)
03/26/201508:36:34Mylan Is One Of The Most Undervalued Generic Companies
03/26/201503:20:53Top Large Cap Stocks That Investors Can Buy Now
03/17/201507:56:35The Best Stocks To Buy This Week
03/15/201514:00:00Abbott's MitraClip® System Shown to Mend Hearts and Improve...
03/15/201514:00:00Abbott's MitraClip® System Shown to Mend Hearts and Improve...
03/13/201517:30:53Statement of Changes in Beneficial Ownership (4)
03/13/201517:04:26Proxy Statement (definitive) (def 14a)
03/12/201517:33:31Statement of Changes in Beneficial Ownership (4)
03/10/201509:49:34Current Report Filing (8-k)
03/09/201505:48:27The Top Scoring Stocks To Buy This Week
03/06/201516:38:31Prospectus Filed Pursuant to Rule 424(b)(5) (424b5)
03/05/201517:25:30Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
03/05/201516:48:27Amended Current Report Filing (8-k/a)

Abbott Laboratories and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad