Gilead To Pay $8M To Settle Viread Securities Action

Law360, New York (July 8, 2010, 6:27 PM EDT) -- Gilead Sciences Inc. has agreed to pay $8.25 million to settle a securities class action alleging the biopharmaceutical company artificially inflated its stock price by failing to disclose that high sales for its flagship HIV drug Viread were due to illegal off-label marketing.

Judge Susan Illston of the U.S. District Court for the Northern District of California on Wednesday granted preliminary approval to the settlement. The amount will be available to class members after payment of settlement administration costs, attorneys' fees and other expenses, according to...
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