Perrigo (NYSE: PRGO) is having a rough day in the market today as news breaks that federal authorities have raided the company’s office, looking for evidence associated with price-fixing. As a result, investor fears hit, and the stock is headed downward. Of course, our partners at Trade Ideas were the first to alert us to the declines. At the moment (9:47), PRGO is trading at $71.87 per share after a loss of $4.36 per share (5.72%) thus far today.
As mentioned above, Perrigo is having a rough day in the market today, and for good reason. The company is at the center of a price-fixig investigation that just heated up. In fact, it was announced that federal authorities have raided the PRGO office as part of a probe into potential price-fixing designed to ensnare the generic drug market. In a statement, PRGO had the following to offer:
“search warrants were executed at the company’s corporate offices associated with an ongoing investigation by the U.S. Department of Justice Antitrust Division related to drug pricing in the pharmaceutical industry… As has been previously disclosed by a number of companies, the Antitrust Division has been looking at industry-wide pricing practices… The company is taking this investigation seriously and is cooperating with the appropriate authorities.”
Stop wasting your time! Find winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PRGO. In particular, we’re interested in following the company and the investigation into the company surrounding drug price-fixing. We’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!