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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (5116)	12/11/2001 11:15:30 PM
From: Biomaven	Read Replies (2) \| Respond to of 52153

Anyone recall the details surrounding this? It speaks to the question we were discussing earlier about a duty to disclose adverse material developments. Tuesday December 11, 12:54 pm Eastern Time Press Release SOURCE: ICN Pharmaceuticals, Inc. ICN Pharmaceuticals Settles 6-year Justice Department Investigation Of Disclosure Omission COSTA MESA, Calif., Dec. 11 /PRNewswire/ -- ICN Pharmaceuticals, Inc. (NYSE: ICN - news) announced today that it has entered into a plea agreement with the Office of the U.S. Attorney in Los Angeles to settle a 6-year Investigation. ICN agrees to plead guilty to a single felony count for securities fraud for omitting to disclose until February 17, 1995 the existence and content of a letter received from the FDA in very late December 1994 regarding the status of ICN's 1994 application for Virazole as a monotherapy treatment for chronic hepatitis C. ICN agrees to pay a fine of $5.6 million (reserved by the company in 2000) and to be subject to a three-year term of probation. It is expected that the settlement will be submitted to the court for approval in December 2001. The settlement further provides that the U.S. Attorney will not prosecute or further investigate any of ICN's officers, will close its investigation of the Company and its officers, and will not bring any further charges against the Company. Peter