Oklahoma’s AG Filed Suit Against Opioid Drug Makers

Oklahoma’s AG Filed Suit Against Opioid Drug Makers

Oklahoma’s AG Filed Suit Against Opioid Drug Makers

$JNJ, $TEVA, $AGN

Friday, Oklahoma became the 4th state to accuse drug makers of misrepresenting the risks of opioid pain medications, saying they engaged in deceptive marketing that helped fuel an addiction epidemic.

Oklahoma Attorney General Mike Hunter filed a lawsuit in Cleveland County District Court against Purdue Pharma LP, Johnson & Johnson (NYSE:JNJ), Allergan Plc (NYSE:AGN), and units of Teva Pharmaceutical Industries Ltd.(NYSE:TEVA)

AG Hunter accused the drug manufacturers of working with 3rd parties to promote, market and sell opioids in the state while engaging in a “fraudulent, decades long marketing campaign to market from the suffering of thousands of Oklahomans.”

Purdue had no immediate comment.

The other companies did not immediately respond to requests for comment.

“The lawsuit claims the companies knowingly marketed their drugs as safe for chronic pain management while downplaying the risk of opioid dependency,” AG Hunter said.

The case made Oklahoma the 4th state to sue drug manufacturers over their opioid marketing and sales practices, following Mississippi, Ohio and Missouri.

A bipartisan group of state Attorneys General has announced it is investigating.

Opioids, including prescription painkillers and heroin, killed more than 33,000 people in the United States in Y 2015, more than any year on record, according to the US Centers for Disease Control and Prevention (CDC).

The Oklahoma lawsuit claims the companies violated Oklahoma’s Medicaid False Claims Act as well as the Consumer Protection Act and created a public nuisance. It seeks damages and penalties, among other relief.

Have a terrific weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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