Mylan (NASDAQ: MYL) Details “All Accusations Were Baseless and Unfounded”

Penny Stock Pick Report is pleased to alert investors of stocks on the move. Sign Up for our Stock Newsletter

Mylan Inc. (NASDAQ: MYL) recently reported that in addition to the press release it issued on Sunday, the company proactively and as a courtesy had contacted the U.S. Food and Drug Administration (FDA) over the weekend to bring to its attention a recent news article.

As a result, the FDA visited the company's Morgantown, W.Va., manufacturing facility Monday morning and has determined that the baseless accusations in the article were unfounded. The FDA noted there was no evidence of any data deletion. All data was reviewed and was present and accounted for; the Agency agreed that this was a minor Standard Operating Procedures (SOP) deviation that existed, was fully investigated, and all corrective actions were fully implemented by Mylan.

Mylan Chairman and CEO Robert J. Coury said: "I want to first thank the FDA for responding as quickly as it did in light of the seriousness of these unfounded accusations. I hope that these actions only reaffirm Mylan's long-standing reputation as one of the industry's highest quality manufacturers with a management team that has an unyielding commitment to adhere to the highest quality standards. I also want to thank all of the employees in Morgantown for their continued dedication, hard work and commitment to uphold one of the industry's highest quality standards. As far as the abnormal trading volume in our stock yesterday, the only thing I have to say is that there is no one in a better position to speak about these issues for a company than the standing fiduciaries, whether it is the senior management of the company or any regulatory agency. I would hope that the market and our stakeholders take note of this."

Mylan Inc., which provides products to customers in more than 140 countries and territories, ranks among the leading diversified generic and specialty pharmaceutical companies in the world. The company maintains one of the industry's broadest - and highest quality - product portfolios, supported by a robust product pipeline; owns a controlling interest in the world's third largest active pharmaceutical ingredient manufacturer; and operates a specialty business focused on respiratory and allergy therapies. For more information, please visit http://www.mylan.com/.

Sign Up for Penny Stock Pick Report’s Free Small Cap Newsletter. To subscribe please enter your email address in the frame at the bottom of this page or visit us at our website.

Subscribe at the bottom of this page.

About Us

Penny Stock Pick Report is a leading stock web site that provides free stock alerts on stocks that are poised to make big gains. We also track small cap companies that could be on the brink of a massive breakout. To feature a company on our web site please contact us at the email listed below.

Penny Stock Pick Report is an independent electronic publication that provides information on selected publicly traded companies. This publication is not a registered investment advisor or broker-dealer. Our affiliates, officers, directors and employees may buy and sell additional shares in any company mentioned herein and may profit in the event those shares rise in value. Please do your own Due Diligence before investing in any of the stocks mentioned above. View our full disclaimer.