ICN pleads guilty in disclosure class
ICN Pharmaceuticals has entered into an agreement with the Office of theUS Attorney in Los Angeles, California, and pleaded guilty to a single felony count for securities fraud following a six-year investigation.
The company pleaded guilty to the charge of omitting to disclose until February 17, 1995, the existence and content of a letter received from the US Food and Drug Administration at the end of December 1994 regarding the status of its application for lead product Virazole (ribavirin) for chronic hepatitis C.
Under the terms of the settlement, ICN has agreed 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 later this month. The settlement means the Attorney's Office will close its investigation of the firm and its staff, and will not bring any further charges. ICN limited itself to saying that it is "pleased" that the investigation "has been put behind us."
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