- Four large pharmacy chains, including Walgreens Boots Alliance Inc (NYSE:WBA), CVS Health Corp (NYSE:CVS), Walmart Inc (NYSE:WMT), and Giant Eagle Inc, will face their first trial over the U.S. opioid epidemic, Reuters reported.
- The Ohio counties of Lake and Trumbull allege that oversight failures led to excessive amounts of opioid pills in their communities.
- More than 3,300 cases have been brought largely by state and local governments to hold companies responsible for the U.S. opioid epidemic.
- Should a jury find the companies liable, U.S. District Judge Dan Polster will later determine how much they must pay to abate or address.
- “Doctors, not pharmacists, write opioid prescriptions,” CVS said in a statement. “Our pharmacies fill legitimate prescriptions written by licensed doctors.”
- Walgreens said it took “great pride in the judgment of our pharmacy professionals,” and Giant Eagle said regulators who inspected its pharmacies in the two counties found it complied with the law. Walmart did not respond to requests for comment.
- The trial comes after the three U.S. distributors proposed paying up to $26 billion to settle cases against them.
- Related: Drug Distributors Ink First Opioid Settlement With Cherokee Nation.
- Price Action: WMT stock is down 1.36% at $137.49, CVS shares are down 1.07% at $83.95, and WBA stock is down 0.24% at $46.94 during the market session on the last check Friday.
Galmed Pharmaceuticals Ltd (NASDAQ: GLMD)