Dr Reddy's accused of making false cl...
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Nov
20
ragupathyrenganathan
Dr Reddy’s accused of making false claims about financials
Pharma News
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US-based law firm Lundin Law, which specialises in securities litigations is investigating claims against Dr Reddy’s Laboratories for possible violations of federal security laws, which the drug maker has denied.

“The investigation is related to allegations that certain statements issued by Dr Reddy’s were false and misleading concerning the company’s financial performance,” Los Angeles-based Lundin Law said in a statement.

Lundin Law also invited those interested to join “class action lawsuit” against the drug maker.

Reacting strongly to the allegations, Dr Reddy’s said it “has always adhered to all disclosure requirements of both of the Securities and Exchange Commission (SEC) and stock exchanges, including accounting practices as per the International Financial Reporting Standards (IFRS) and the India Accounting Standards.”

The company has no further comment on what might be “advertorial press release by law firms and refute all allegations”, it added.

On November 6, the company had announced that it received a warning letter from the US Food and Drug Administration over inadequate quality control procedures at three manufacturing plants in the country.

 



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