The Zyprexa Chronicles: Shareholders Sue Lilly
A new shareholder lawsuit has been filed against Eli Lilly over allegations involving the drug Zyprexa. Some shareholders are angry with the company because they contend that the lost money on their Lilly stock due to news reports of coverups of illegal marketing and injuries caused by the atypical anti-psychotic.
What Lilly's spokesman Phil Belt told the AP is remarkable even by Lilly's standards of spin:
"Beginning in late 2006, a series of articles in the Times, based on confidential documents, said Lilly downplayed the drug's risks and did off-label marketing.
"'Those stories were full of inaccurate, incomplete and what we would say was misleading information,' Belt said.
"Nevertheless, he said the company's board has appointed a committee to complete a 'thorough and importantly independent assessment' of the lawsuit's allegations."
So if the information put out there by the paper and others was misleading, then why would the company's board pull together a committee to examine these claims?
Posted by Philip Dawdy at February 1, 2008 12:03 AM
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I agree that Lilly consists of idiots. I wonder why my old favorite Lilly spokesperson, Marni LEMONS, isn´t speaking? However, not all that stupid. Not one of them is threatened with prision for all the people killed, and Zyprexa stays on the market, making billions for the company. I think they are confused and think they are selling sneakers.
