United Healthcare files complaint against Dr Reddy's US-based arm
The US-based insurance firm United Healthcare Services has filed a complaint against Dr Reddy's Laboratories and 42 other defendants.
Dr Reddy's Laboratories on Wednesday said United Healthcare Services has filed a complaint against its US-based arm and some other entities, alleging a price-fixing conspiracy to rig bids and allocate customers with respect to 30 drugs.
The US-based insurance firm United Healthcare Services has filed a complaint against Dr Reddy's Laboratories and 42 other defendants, involving a total of 30 generic drugs, it said in a regulatory filing.
"The complaint alleges violations of Section 1 of the Sherman Act, 15 U.S.C. 1, and violations of the Minnesota and 29 other States' antitrust laws, Minnesota's and 16 other States' Consumer Protection statutes, and claims of unjust enrichment, seeking injunctive relief, recovery of treble damages, punitive damages, attorney's fees and costs," it added.
The drug firm said it denies any wrongdoing and intends to vigorously defend against these claims.
"We believe that there is no material impact to the company's operations or consolidated results," it added.
Dr Reddy's shares on Wednesday ended 1.47 per cent down at Rs 2,784.70.