Defendant Name: Mallinckrodt plc

Defendant Type: Public Company

Document Reference: 33-11256-s

Document Details

Legal Case Name In the Matter of Mallinckrodt PLC
Document Name SEC Charges Mallinckrodt for Disclosure and Accounting Failures
Document Date 30-Nov-2023
Document Format Administrative Proceeding
File Number 3-21806
Allegation Type Issuer Reporting and Disclosure
Document Summary On November 30, 2023, the SEC "announced charges against pharmaceutical company Mallinckrodt plc for failing to disclose a potential liability for overcharging Medicaid for its flagship drug, Acthar Gel, that ultimately grew to more than $500 million. The SEC considered the company's financial condition and undertakings to retain a compliance consultant in determining not impose a $40 million civilpenalty."

Disgorgement & Penalty Information

Resolutions
Cease and Desist Order
Compliance Related Independent Consultant

Related Documents:

33-11256 30-Nov-2023 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 21C of the Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
On November 30, 2023, the SEC instituted settled cease-and-desist proceedings against Mallinckrodt plc, stating: "This matter concerns failures by Mallinckrodt, a publicly traded pharmaceutical company during the relevant time period, to properly disclose in its periodic filings with the Commission a material loss contingency stemming from a claim by the Centers for Medicare and Medicaid Services (“CMS”) that Mallinckrodt had been overcharging Medicaid for the company’s flagship drug, Acthar Gel (“Acthar”)."