Teva, a pharmaceutical company is being sued in multiple other cases relating to opioids.
Teva Pharmaceutical Industries has been found guilty by the New York Court of assisting in fueling opioid addiction. Further damages will be decided later.
Following Thursday’s decision, which came after more than a week of deliberations, Teva released a statement saying they “strongly disagree”With the positive outcome of the trial that lasted six months, they now plan to prepare a “swift appeal.”
Letitia James, New York Attorney General was meanwhile called Thursday “significant day”For all the people negatively affected by opioids. “manufacturers and distributors”Those responsible for opioid abuse.
My office is elated to announce that they have won the victory and will now push for a trial in order to find out how much it costs. @TevaUSAThey and other people will be held responsible for their devastation.
— NY AG James (@NewYorkStateAG) December 30, 2021
Teva was accused of manipulative marketing and misleading the state as well as two counties of taking the lawsuit against the company. This led to the creation of the New York addiction crisis.
A request for mistrial must be made by the judge who is presiding. This was based upon a false statistic that the prosecution cited in closing arguments. Teva’s shares tumbled several points less than an hour after the verdict.
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New York receives $200 Million Settlement in Opioid Lawsuit
Because it lies at the heart of an enormous legal effort to attack every aspect of the opioid supply chain (including manufacturers and distributors), the New York case is landmark. This verdict could lead to substantial damages for Teva and other companies. It may also pressure them to resolve thousands of other lawsuits pending across the nation related to the spike in opioid addiction rates over the past few years.
Other drug manufacturers were included in New York’s lawsuit, including AbbVie, which settled its lawsuit earlier this month for the price of $200 million. Teva was the sole defendant following AbbVie’s settlement.
In a November report, the Centers for Disease Control and Prevention reported that more than 100,000 people overdosed between April 2020 and 2021. Over 500,000 people have died in opioid-related deaths over the past two decades according to official figures.
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