In a companion thread namely, "Ranbaxy is being sold to Sun Pharma" here, members are talking about new lawsuits against Ranbaxy in the USA. If this is a fact, then you can post here about this new development.
The latest $500 million fraud case against Ranbaxy was filed a few months back in Collin county TX court. I am still trying to find out the details.
Are you confusing the latest case against similar sounding $500 million case won against Ranbaxy by US Dept of Justice?
Obama an the former shake down artist for Barry Obama, Eric Holder, have been shaking down all private industry. Holder made one of the biggest corporate fines ever to JP Morgan in 2014. Now he resigned from attorney non-general, and was hired by JP. Morgan 2-3 weeks ago making 77 mill, Per yr plus bonus, for a "no show" job! The point, Obama is destroying private industry!
You may be right, huge lawsuits have detrimental effect on private industries. But Ranbaxy case may involve fraud against both public and private.
http://news.yahoo.com/pfizer-ranbaxy-win-dismissal-lawsuit-over-generic-lipitor-221628725--finance.html Pfizer and Ranbaxy won the law suit with the government over generic Lipitor. the other case was last year and very old news. nothing here. so do not worry. just more people trying to trash the generic side of Ranbaxy , Nothing new here.
So why Venkat Krishnan and other senior officers of Ranbaxy USA are resigning? (Today's Economic Times). We know he and Arun Sawhney are named in the new TX lawsuit. Is there a connection?
Looks like some negative news on Ranbaxy is exposed everyday now. There is more information about this new lawsuit in the collin county TX court website.
What about the falsified production data from your plants in India? One of your own people turned Ranaxby in, making millions for himself when he became a whistle blower.
When Ranbaxy settled with the Dept. of Justice and paid the $500million, a portion of the fine went to each state for Medicaid reimbursements/penalties. Some states did not feel the amount they were to receive was adequate and filed separate lawsuits against the company to recover more money for their Medicaid programs, with Texas being one of them. My understanding was that Ranbaxy settled with Texas and paid them $75 million USD. Ranbaxy (USA) is being investigated by the Dept. of Justice in the District of NJ for the issues at the Toansa plant, also an investigation regarding prices charged to Medicare and Medicaid, and Congress is again investigating generic drug pricing and price increases.
Actually the settlement was for $40million to Texas http://finance.yahoo.com/news/indias-ranbaxy-pay-40-mln-053404160.html
Well, this new case is for the same demand of $500 million for fraud and negligence committed by Ranbaxy against its partner firm in the USA. Thus case is well advanced, and Ranbaxy has been spending 10s of thousands of dollars using 4 NY law firm attorneys, asking for arbitration from the TX court where the plaintiffs have filed their case. As usual Ranbaxy or its potential groom are keeping both stockholders in dark!
Don't waste people's time with old news. Everyone knows Ranbaxy would rather spend millions on lawsuits rather than compensate its employees. Maybe across the lake this makes sense, but not here.
$ could also be spent proactively on compliance in a normal company. It would be much cheaper to do things the right way from the start...RANBAXY seems to be unable to comprehend that fact. And, by all means, pay your employees fairly with the boatload of cash saved. I realize this is obvious to most of the sales force, past and present, but somehow escapes the genius minds running this show.
You guys are either stone deaf, or you think imbeciles are posting here. We are talking about a new case! As shareholders of a Ranbaxy, We found the following during routine web search. The following is in the collin county TX (USA) website: Case Number 296-03030-2014. Amount Claimed: $300,000,000 Date Filed: 08/15/2014 Case Type: CV - Other Injury or Damage Status: Pending Case Number. 296-03032-2014. Amount Claimed: $200,000,000 Date Filed: 08/18/2014 Case Type: CV - Civil Fraud or Damage Status Pending. Check these out!
I checked into these. The website gives full details of these cases. The hearing date is Dec 16, 2014. No wonder the merger will be delayed beyond 2014. If this case is not settled, there will be no merger, it seems. Unbelievable! Why the SEBI, BSE, NSE, Ranbaxy and Sun Pharma are silent? As usual corrupt government agencies are in bed with corporate giants to defraud indian public! What is new?
