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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Dr. Reddy's Laboratories Activities in Ukraine · Dr. Reddy's Laboratories Ltd

Information & Summary

Investigation into Dr. Reddy's Laboratories Activities in Ukraine

Related FCPA Matter:   Dr. Reddy's Laboratories Involvement in Ukraine Information

Information & Summary

Investigation Name:    Investigation into Dr. Reddy's Laboratories Activities in Ukraine

Trend:   

Type of investigation:    Internal, SEC

Other Agencies Investigating/Assisting with SEC Investigation:    Unknown

Whistleblower:    Unknown

Summary

Dr. Reddy's Laboratories Ltd (Dr. Reddy's) is an Indian multinational pharmaceutical company located in Hyderabad, India. Registered as a foreign issuer with the SEC, its stock is traded on the NYSE.

In a 6-K filed on November 19, 2020, Dr. Reddy's disclosed that the company had commenced an internal investigation into an anonymous complaint about the provision of improper payments to healthcare professionals in Ukraine and potentially in other countries. The company said that it had hired an independent U.S. law firm to conduct the investigation.

In a 6-K filed on May 14, 2021, Dr. Reddy's confirmed that the investigation implicated the FCPA and that the company had disclosed the internal investigation to the DOJ, SEC, and the Securities Exchange Board of India.

In a 6-K filed on July 27, 2021, Dr. Reddy's disclosed that the SEC had issued a subpoena to the company requesting documents pertaining to certain Commonwealth of Independent States geographies. The company said it was responding to the subpeona, and in its 6-K filed on October 29, 2021, the company said that during the previous quarter it had shared with the SEC the results of its own investigation with respect to one jurisdiction.

In a 6-K filed on May 19, 2022, Dr. Reddy's disclosed that it had shared an investigative report with respect to one country with the SEC and DOJ during the quarter that ended on September 30, 2021, and certain other countries in the quarter that ended on March 31, 2022.

In a 6-K filed on July 29, 2022, Dr. Reddy's disclosed that it had made a presentation to the SEC and the DOJ in relation to its Global Compliance Framework in the second quarter of 2022. While it remains unclear if the DOJ has opened an indepedent investigation into the matter, Dr. Reddy's has said that it has continued to engage with the Department, so it seems likely the DOJ is investigating the matter.

This investigation is ongoing.

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