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Novo Nordisk A/S Agrees to Pay Over $18 Million to Resolve Oil for Food Allegations |
June 29, 2009
On May 11, 2009, the Department of Justice ("DOJ") announced that Novo Nordisk A/S ("Novo") had agreed
to pay a $9 million penalty as a part of a deferred prosecution agreement to resolve allegations that Novo had paid $1.4 million in kickbacks to the Iraqi government for contracts awarded under the United Nations' Oil For Food Program. On that same day, the Securities and Exchange Commission ("SEC") made a similar announcement, which noted that Novo had agreed to pay $3,025,066 in civil penalties and $6,005,079 in disgorgement. Both the DOJ and SEC agreements arose out of the agencies' ongoing Oil For Food investigations ("OFF investigations"). Novo, which is publicly traded on the New York Stock Exchange, is a Danish corporation that manufactures and sells insulin, medicines and other pharmaceutical supplies worldwide.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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