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Article: FDA, SEC link up on false statements to public.
- Article from:
- Warning Letter Bulletin
- Article date:
- March 8, 2004
CopyrightCOPYRIGHT 2004 Washington Information Source, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Dear Reader,
FDA and the Securities and Exchange Com-mission have developed a closer partnership, whereby FDA will provide SEC with information about potential false and misleading statements about drugs, devices and other agency-regulated products.
The effort appears to have been spearheaded by the Martha Stewart-ImClone insider trading case. In that matter, ImClone's former top executives concealed the fact from investors that FDA would not be approving its drug, Erbitux. Yet, the top executives allegedly sold ImClone stock and tipped off investors such as Stewart to the stock's decline.
However, the new working agreement with SEC has broader ...