Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Otsuka Holdings Co. Ltd (OTC: OTSKY) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Otsuka Holdings Co. Ltd (OTC: OTSKY) concerning whether a series of statements by of Otsuka Holdings Co. Ltd regarding its business, its prospects, and its operations were materially false and misleading at the time they were made.
On October 12, 2017, an article entitled "The little red pill being pushed on the elderly" published by CNN.com described the marketing efforts of Otsuka's subsidiary Avanir Pharmaceuticals with respect to Nuedexta, a treatment for pseudobulbar affect, and stated that the Company "aggressively targets frail and elderly nursing home residents for whom the drug may be unnecessary or even unsafe." Furthermore, the article described "high-volume prescribing and advocacy efforts by doctors receiving payments from" Avanir, and reported that "[s]oon after Nuedexta hit the market in 2011, doctors, nurses and family members began filing reports of potential harm—ranging from rashes, dizziness and falls to comas and death."
On October 19, 2017, CNN.com revealed that Los Angeles City Attorney Mike Feuer had opened an investigation into Avanir, stating that "his office is seeking information and tips from the public to help determine whether state or federal laws have been broken in the sale, marketing or prescribing of Nuedexta."
On December 4, 2017, CNN.com reported that Avanir "paid nearly 500 doctors to speak or consult on its drug, Nuedexta, between 2013 and 2016, according to government data" and that "[t]hrough a review of the top prescribers and top paid physicians in this group, CNN identified a dozen who have been disciplined by state medical boards. These offenses included the harmful treatment of nursing home residents and 'grossly negligent acts' involving the inappropriate prescribing of dangerous and addictive drugs—resulting in probation, suspension, fines and revoked licenses."
Following this news, Otsuka's American Depositary Receipt price had fallen on December 5, 2017.
Based in Tokyo, Japan, and founded in 1921 of Otsuka Holdings Co. Ltd operates in pharmaceuticals, nutraceuticals, consumer products, and other businesses worldwide.
If you purchased shares of Otsuka Holdings Co. Ltd (OTC: OTSKY) on or before October 12, 2017, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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