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ICN DoJ settlement

Executive Summary

ICN Pharmaceuticals will plead guilty to one felony count for securities fraud in a plea agreement reached with the Los Angeles U.S. Attorney, as well as pay a $5.6 mil. fine and enter a three-year term of probation. DoJ charged that the company failed to disclose a 1994 "not approvable" letter for ribavirin monotherapy for hepatitis C and made false and misleading presentations that FDA's response was routine when the agency had "urged ICN to withdraw the application" (1"The Pink Sheet" Aug. 16, 1999, p. 11). The settlement also provides that the U.S. attorney will not prosecute ICN's officers; CEO Milan Panic was under investigation by the Securities & Exchange Commission...
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