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By: Dividend Daily
June 11, 2013 at 18:02 PM EDT
Walgreen Company To Pay Record Fine (WAG)
Walgreens (WAG) has agreed to pay $80 million in fines in order to put an end to a DEA investigation into the company’s violations in dispensing and distributing controlled substances. The DEA case revolved around violations by Walgreens that made it possible for painkillers, such as oxycodone, to end up on the black market.
Walgreens, the largest drugstore chain in the U.S., was investigated by the DEA, which found record keeping and dispensing violations that occurred at a distribution center in Jupiter, Fl. The violations involved the distribution center’s failure to report higher-than-average orders from six Florida pharmacies. The DEA found that orders from these pharmacies were filled for non-legitimate purposes, and the prescription drugs ended up on the streets.
The $80 million dollar fine is the highest Controlled Substances Act civil fine that the DEA has ever levelled.
Walgreens’ stock was almost flat on the day, falling just .22% or 11 cents.
The Bottom Line
Shares of Walgreen Company (WAG) offer a 2.22% yield based on Tuesday’s closing price of $49.54.
Walgreen Company (WAG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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