Hi-Tech Pharmacal Announces Settlement Regarding Texas Pricing Investigation
26 Dezembro 2013 - 10:00AM
Business Wire
Hi-Tech Pharmacal Co., Inc. (NASDAQ:HITK) today announced that
the Texas Attorney General has agreed to close its investigation of
Hi-Tech’s pricing of products that were purchased with Texas
Medicaid dollars. In settlement, Hi-Tech agreed to pay $25,000,000
to the State of Texas. This amount had previously been accrued in
the Company’s financial statements. The settlement does not
constitute an admission, finding or evidence of any liability or
wrongdoing by Hi-Tech.
On December 19, 2013 Hi-Tech’s stockholders adopted the
Agreement and Plan of Merger dated August 26, 2013 with Akorn, Inc.
and Akorn Enterprises, Inc. and approved the transactions
contemplated in the merger agreement. The merger is expected to
close in the first calendar quarter of 2014.
Other Information
Hi-Tech is a specialty pharmaceutical company developing,
manufacturing and marketing generic and branded prescription and
OTC products. The Company specializes in difficult to manufacture
liquid and semi-solid dosage forms and produces a range of sterile
ophthalmic, otic and inhalation products. The Company’s Health Care
Products division is a leading developer and marketer of OTC
products for the diabetes marketplace.
This press release contains certain future projections and
forward-looking statements (statements which are not historical
facts) with respect to the anticipated future performance of
Hi-Tech made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such future projections
and forward-looking statements are not assurances, promises or
guarantees and investors are cautioned that all future projections
and forward-looking statements involve significant business,
economic and competitive risks and uncertainties, many of which are
beyond Hi-Tech’s ability to control or estimate precisely,
including, but not limited to, (1) the impact of competitive
products and pricing, (2) product demand and market acceptance, (3)
new product development, (4) the regulatory environment, (5)
reliance on key strategic alliances, (6) availability of raw
materials, (7) fluctuations in operating results, (8) loss of
customers or employees, (9) the possibility that legal proceedings
may be instituted against Hi-Tech, (10) the occurrence of any
event, change or other circumstances that could give rise to the
termination of Hi-Tech’s merger agreement with Akorn or the failure
to satisfy any of the closing conditions to the merger, (11) the
failure of Akorn to obtain the necessary financing arrangements set
forth in the commitment letter providing for its financing of the
merger, (12) risks related to disruption of management’s attention
from Hi-Tech’s ongoing business operations due to the transaction,
(13) the effect of the announcement of the merger on the ability of
Hi-Tech to retain and hire key personnel and maintain relationships
with its customers, suppliers and others with whom it does
business, or on its operating results and business generally, and
(14) other results and other risks detailed from time to time in
Hi-Tech’s filings with the Securities and Exchange Commission. The
actual results will vary from the projected results and such
variations may be material. These statements are based on
management’s current expectations and assumptions concerning the
future performance of Hi-Tech and are naturally subject to
uncertainty and changes in circumstances. No representations or
warranties are made as to the accuracy or completeness of any of
the information contained herein, including, but not limited to,
any assumptions or projections contained herein or forward-looking
statements based thereon. We caution you not to place undue
reliance upon any such forward-looking statements which speak only
as of the date made, except to the extent specifically dated as of
an earlier date. Hi-Tech is under no obligation, and expressly
disclaims any such obligation, to update, alter or correct any
inaccuracies herein, whether as a result of new information, future
events or otherwise.
Hi-Tech Pharmacal Co., Inc.William Peters, 631-789-8228CFO
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