Thanks to Fritz and others, there are bills in Congress now to reform the Forest Service's use of K-V
The Complaint charges K-V
Pharmaceutical and certain of the Company's executive officers with violations of federal securities laws.
Now that it is resolved, K-V
can focus on completing all other necessary steps for confirmation of a plan of reorganization and timely emergence from Chapter 11," said K-V
President and CEO Greg Divis.
The Complaint alleges that, during the Class Period, K-V
and certain of the Company's executive officers issued false and/or misleading statements concerning the Company's business and financial prospects.
The Hologic Settlement confirms K-V
's continued ownership of Makena and will resolve all bankruptcy related disputes between K-V
and Hologic, and provides for mutual releases of all claims between the parties.
Following this news, K-V
Pharmaceutical's A-series stock dropped $1.
The investigation focuses on whether certain individuals violated federal securities laws by, among other things, failing to disclose that: (1) the Company had inaccurately claimed that the Food and Drug Administration (the "FDA") was granting K-V
the exclusive distribution rights over "Makena," a drug used to prevent miscarriages; (2) the FDA would not be enforcing K-V
's rights by preventing the Company's competitors from distributing generic formulations of the drug; and (3) the drug's $1,500 price would reduce the availability of Makena to low-income and other at-risk groups.
Specifically, the Complaint alleges that defendants misrepresented that the Food and Drug Administration (FDA) had granted K-V
Pharmaceutical the exclusive distribution rights over "Makena," a drug used to prevent miscarriages, and that the FDA would enforce those rights by preventing K-V
's competitors from distributing generic formulations of the drug.
However, defendants' positive statements enabled K-V
to sell $200 million worth of senior secured notes during the Class Period, used in large part to pay the Company's debts.
David Van Vliet, interim CEO of the Company stated, "Stephen brings decades of financial experience and deep healthcare industry knowledge to K-V
and we are excited to welcome him aboard.
Such proposals should be delivered to: K-V
Pharmaceutical Company, One Corporate Woods Drive, Bridgeton, Missouri 63044, Attention: Secretary.
For further information about K-V
Pharmaceutical Company, please visit www.