PHILADELPHIA, Sept. 5, 2020 /PRNewswire/ -- Kaskela Law LLC announces that it is investigating Regeneron Pharmaceuticals, Inc. ("Regeneron" or the "Company") (NASDAQ: REGN) on behalf of the Company's stockholders.
On June 24, 2020, the U.S. Attorney's Office filed a complaint against Regeneron for alleged violations of the False Claims Act. The complaint alleges that the Company engaged in a sophisticated kickback scheme through which it funneled tens of millions of dollars from a foundation with the goal of covering the co-pay costs of Medicare patients utilizing the Company's Eylea drug. According to the complaint, this scheme undermined the medical system and wasted taxpayers' monies by causing Medicare to pay out nearly $2 billion for access to the drug. Further according to the complaint, "[b]ecause the anti-kickback statute, 42 U.S.C. § 1320-7b(b), prohibits such "indirect" kickbacks to subsidize the price of a drug reimbursed by Medicare, Regeneron's conduct was illegal, and senior management knew it."
The investigation seeks to determine whether the members of Regeneron's board of directors breached their fiduciary duties to the Company and its stockholders in connection with the above, including by failing to implement and maintain an effective system of internal controls over operations.
Current Regeneron stockholders who purchased or acquired shares of the Company's stock prior to January 1, 2016 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at [email protected], to discuss this investigation and their legal rights and options. Additional information may also be found at http://kaskelalaw.com/case/regeneron-pharmaceuticals-inc/.
Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
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SOURCE Kaskela Law LLC