Health & Fitness
Thu, December 1, 2011
BENSALEM, Pa.--([ BUSINESS WIRE ])--Law Offices of Howard G. Smith announces that it is investigating potential claims against Abbott Laboratories (aAbbotta or the aCompanya) (NYSE:ABT) and its Board of Directors concerning possible breaches of fiduciary duties by the Company or its fiduciaries. Abbott engages in the discovery, development, manufacture and sale of health care products worldwide.
"there can be no certainty about definitive resolution."
The investigation concerns whether the Company or its fiduciaries breached their fiduciary duties related to Abbott's sales and marketing activities for Depakote, an anti-seizure medication also approved for the treatment of manic episodes associated with bipolar disorder and for prophylactic treatment of migraine headaches. Specifically, the investigation is related to the Companyas disclosure of an investigation by the United States Department of Justice (DOJ), through the Unites States Attorney for the Western District of Virginia, into Abbott's sales and marketing of Depakote, and whether the Company promoted Depakote for unauthorized uses.
On October 19, 2011, the Company announced that it had reserved $1.5 billion of litigation reserves arelated to ongoing settlement discussionsa in the DOJas investigation related to Depakote. The Company further announced that until the settlement discussions are concluded, athere can be no certainty about definitive resolution.a The next day, October 20, 2011, The Wall Street Journal reported that if a final Depakote settlement requires Abbott to pay $1.5 billion, ait would be one of the largest such resolutions in the drug industry.a
If you are a shareholder of Abbott, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [ howardsmith@howardsmithlaw.com ], or visit our website at [ http://www.howardsmithlaw.com ].