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$56.99 -0.70 (-1.21%)
7/23/2008 4:00 PM

Abbott Laboratories (ABT)

CAPS Rating:
****

Principal business is the discovery, development, manufacture and sale of a broad and diversified line of health care products. Company has four segments: Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Vascular Products.

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Avatar boiseidfool (76.66) Submitted: 3/03/07 9:35 AM : Underperform Start Price: $50.92 ABT Score: -18.98

Idaho has filed a lawsuit that alleges Abbott Laboratories falsified wholesale drug prices and that the state has overpaid Medicaid reimbursements because of the manipulated drug prices. In the complaint, the Idaho attorney general's office says the prices charged to hospitals and pharmacies for Abbott's prescription drugs were less than what the company reported to the state. About 175,000, an estimated 8-10% of the population, people in Idaho currently receive Medicaid benefits. This is most likely not an isolated incident and, in my experience, the Idaho AG's office has not moved against companies in consumer protection issues haphazardly.


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