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Biogen Stock Rallies After Admitting Feds Probing "Sales & Promotional Practices"
Just when the whole congressional pricing debacle has been ignored and the bubble is back on in Biotechs as an "M&A frenzy" is unleashed, Bloomberg reports that Biogen Idec has admitted in its 10-Q that:
- *BIOGEN SAYS IT RECEIVED FED SUBPOENA ON TIES TO CERTAIN Pharmacy Benefit Managers
- *BIOGEN SAYS STATE, FEDERAL AUTHORITIES PROBING SALES PRACTICES
Buried quietly on page 27 of the 10-Q, they explain that state and federal governmental authorities are investigating sales and promotional practices... Of course, the small dip in the stock price was a great opportunity to reload and it is now trading higher on the news.
From page 27 of the 10-Q,
Government Matters
We have learned that state and federal governmental authorities are investigating our sales and promotional practices and have received related subpoenas.
We have also received a subpoena from the federal government for documents relating to our relationship with certain pharmacy benefit managers.
We are cooperating with the government in these matters.
And the market reaction...
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I still have a bunch of that as a 401K fund, maybe this is a gift to let me out.
RAF Typhoons scrample to chase Russian Tupolev bombers away from UK airspace...
http://news.sky.com/story/1247985/raf-jet-chases-russian-planes-away-fro...
Are things about to get shooty?
Big whoop....do2n 1% today but off 16% from 52 week high.....tough one to trade
replaceme
Burrish! So, no! ;-)
Good call, perfect time to load up. What the holy hell was I thinking??
Same thing happened to CAT when they disclosed tax evasion settlement news. This is why you don't short anything... Even if you're right, you're always going to be wrong.
Indicted Businessman Names Harry Reid as Alleged Recipient of Massive Bribe |
A Utah businessman is rocking both state and national politics after claiming Utah Attorney General John Swallow helped him broker a deal with Senate Majority Leader Harry Reid to make a federal investigation into his company quietly disappear, the Salt Lake Tribune reports.
No way, no way - Harry was busy squeezing the casinos for bribes when this occurs - he has a perfect alibi.
Sen Reid announces new plan to help the poor and create jobs, denounces attacks as right-wing conspiracy lies -- not a bit of truth in the corruption rumors -- insists every million he has ever made is from doing his democratically elected job of helping constituents.
He also promises never to get spunk in your hair, and he will definitely call you tomorrow.
Yellgium contiues to buy into the face of any bad news and will do so until they can take this whole game, Hot!
no worries - the fed just looking for sales tips
I always viewed companys anounced as under investigation as a good buy, don't you all? \
up is down and down is the norm
That chart seems to capture the nature of the whole market: high volume selling offest by low volume melting (up).
So GILD comes out and destroys estimates with sales of drug that Waxman wants price reduced. They should have played that down a bit. Sure doesn't look good to the guys who want you to lower prices when you're making $$ hand over fist.
Insanity reigns.
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