Predator Profile: ABBOT LABORATORIES

ABBOT LABORATORIES

Recently Abbot Laboratories agreed to pay $1.5 billion for illegally marketing its Depakote epilepsy drug to the U.S. government and 24 states.To date, it is the third-largest pharmaceutical settlement in U.S. history. Shareholders then brought derivative suits against the company directors for breach of fiduciary duty which Abbott objected to, but the court ruled against Abbott’s motions to dismiss and reconsider, and in favor of the shareholders. In 2012, the company was charged with a $500 million fine and $198.5 million forfeiture for illegal marketing, and in a plea agreement was assessed the second-largest criminal fine in U.S. history for a drug company.

General Profile Data on ABBOT

Website
Board of Directors
Company Profile
Financials

Sources of Interest

Abbott Labs to Pay $1.5 Billion to Resolve Criminal & Civil Investigations

Kentucky joins lawsuit against Omnicare, claiming millions in losses

Reading

Bad Pharma: How Drug Companies Mislead Doctors and Harm Patients

Selling Sickness: How the World’s Biggest Pharmaceutical Companies Are Turning Us All Into Patients

The Truth About the Drug Companies: How They Deceive Us and What to Do About It

Overdosed America: The Broken Promise of American Medicine

The Truth About the Drug Companies: How They Deceive Us and What to Do About It

“Conflicts of interest and biases exist in virtually every field of medicine, particularly those that rely heavily on drugs or devices. It is simply no longer possible to believe much of the clinical research that is published, or to rely on the judgment of trusted physicians or authoritative medical guidelines. I take no pleasure in this conclusion, which I reached slowly and reluctantly over my two decades as an editor of The New England Journal of Medicine.” –

Marcia Angell, author of “The Truth About the Drug Companies: How They Deceive Us and What to Do About It”