KV Pharmaceutical Collapse Underscores Industry Risks
June 30, 2010
The recent trouble at KV Pharmaceutical Company, a specialty drug company near St. Louis, Missouri, illustrates the high costs and risks associated with the industry and the importance of internal controls.
On July 29, 2008, agents from the U.S. Food and Drug Administration (FDA), the body that regulates the pharmaceutical industry, seized $24.2 million worth of unapproved drugs from KV Pharmaceutical Company, a $578 million specialty drug maker located in Bridgeton, Missouri. Since then, the NYSE-listed company has been in turmoil with CEOs and CFOs coming and going
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