Heritage Had Fired, Filed Charges Against Former Executives Being Charged By U.S. Regulators

By Tomi Kilgore Markets MarketWatch Pulse

Heritage Pharmaceuticals said Wednesday, that the former executives that the U.S. Justice Department filed charges against, were fired by the company in August 2016. The company said the firings following an internal investigation that revealed serious misconduct by former Chief Executive Jeffrey Glazer and former President Jason Malek. Heritage had filed charges against Glazer and Malek, saying they "exploited their positions" as the two most senior executives "to orchestrate a long-running criminal conspiracy that severely damaged Heritage." The company alleged that over a seven-year period prior to being fired, Glazer and Malek misappropriated business opportunities, fraudulently obtaining compensation and embezzling its intellectual property. "We are deeply disappointed by the misconduct and are committed to ensuring it does not happen again," a company spokesperson said in an emailed statement to MarketWatch. The DoJ's charges are related to a conspiracy to fix drug prices.

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