Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Mylan is target of two federal investigations * Mylan, the embattled maker of EpiPen emergency allergy injectors, revealed Wednesday that it's a target of two price-related probes by federal agencies and has had its premises searched.

The news, disclosed in a filing with the Securities and Exchange Commission, came after Mylan Inc. reported that it swung to a third- quarter loss, mainly due to a big settlement for overcharging the federal government for the product.

In the SEC filing late Wednesday, Mylan disclosed that on Oct. 7, "Mylan received a document request from the Division of Enforcement at the SEC seeking communications" with the Centers for Medicare and Medicaid and documents concerning Mylan products sold to the Medicaid Drug Rebate Program."

Mylan, which is technically based in England but operates out of its Pittsburgh-area headquarters, also disclosed in the filing that on Sept. 8, the Department of Justice subpoenaed a company subsidiary, a senior executive and other employees about alleged price fixing and also executed multiple search warrants related to its investigation.

GM to lay off 2,000 workers * Shifting demand from cars to trucks and SUVs is forcing General Motors to lay off more than 2,000 workers indefinitely at two assembly plants in Lordstown, Ohio, and Lansing, Mich., starting in January.

The Ohio plant makes Chevrolet Cruze compacts; the Michigan plants makes the Chevrolet Camaro muscle car and the Cadillac ATS and CTS luxury cars.

Americans have been moving away from cars toward trucks and SUVs for several years because of lower gas prices.

Foresight reports 3Q loss * Foresight Energy on Wednesday reported a third-quarter net loss of $24.3 million, or 19 cents per share, compared to a profit of approximately $8.1 million, or 6 cents, in the year-earlier period.

The St. …

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