Why The Concordia Stock Is Going Up After The Concordias Drug-Testing Scandal
Posted March 08, 2018 10:09:47The stock of Concordia Pharmaceuticals (CT) is going up after the federal agency investigating the Concordia lab scandal disclosed it has uncovered “potential violations of the Controlled Substances Act.”
Carmen Zuniga, president and chief executive officer of Concordias parent company Pfizer, said the company will file for an extension of the suspension of its stock until April 26, 2018.
It is unclear whether the suspension will be lifted or extended.
The suspension of the stock comes amid a wave of scandals at the drug giant.
A top-secret internal memo from the Centers for Disease Control and Prevention found that at least two of the Concordias labs used outdated equipment and methods.
The FDA has said the lab was in violation of federal guidelines for its equipment.
Federal prosecutors in Maryland have indicted five people in connection with the Concordiacs scandal.
One is a former director at the lab, who was indicted in July.
The others include a former deputy director and a former chief scientist.
Federal authorities have also charged three employees with conspiring to defraud Pfizer and the FDA.