Mylan announced on Friday that they have finalized an agreement with the Securities and Exchange Commission (SEC) to settle a lawsuit in which the drug maker was accused of failing to disclose to investors a possible loss relating to a 2017 U.S. Justice Department probe into whether Mylan overcharged Medicaid by hundreds of millions of dollars for sales of their EpiPens.
According to the SEC’s statement on the matter, “Mylan classified EpiPen as a “generic” drug under the Medicaid Drug Rebate Program, which resulted in Mylan paying much lower rebates to the government than if EpiPen had been classified as a “branded” drug.”
Mylan, though paying up, is not owning up to the allegations, saying in their statement, “Pursuant to the agreement with the SEC, Mylan neither admits nor denies the SEC’s allegations.”
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