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Generics’ Firm Admits Fraud

Posted Oct 28 2008 9:57pm

The good folks at First Word have reported that four former supervisors at Able Laboratories have pled guilty to conspiracy to distribute misbranded and adulterated drugs (read the First Word report ). The timing of my previous Able Laboratories entry now looks rather prescient.

The Vice President of quality control and quality assurance, Shashikant Shah, admitted to altering and falsifying testing data for company. He also profited by nearly $1 million in insider trading of Able’s stock. As part of the deal, Shah had to return all of the profits.

The supervisors have fingered Able Laboratories CEO Dhananjay Wedekar in the conspiracy. Wedekar is not out of the woods yet as the U.S. Attorney is still investigating what transpired at the generics company and the nature and extent of the criminal conspiracy.
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