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Philadelphia PBM investigation

Executive Summary

The Philadelphia U.S. Attorney's Office has drafted a letter "presenting the government's position" on pharmacy benefit management activities, Medco discloses in most recent update to IPO prospectus. The company says it was "orally informed" that the letter was undergoing final reviews as of June 17. "Although we are unable to predict what its contents will be, the letter may address both the independent investigation commenced in 1998 and the allegations in the qui tam complaints," Medco says. "The government letter could seek payments and other remedies which could be material." Medco previously disclosed that it had received a formal notice from the Philadelphia Attorney indicating interest in pending "whistleblower" complaints against the company (1"The Pink Sheet" June 17, p. 14)...
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