Hi-Tech Pharmacal Announces $25M Settlement Regarding Texas Pricing Investigation
Hi-Tech Pharmacal
(NASDAQ: HITK) today announced that the Texas
Attorney General has agreed to close its investigation of Hi-Tech's
pricing of products that were purchased with Texas Medicaid dollars. In
settlement, Hi-Tech agreed to pay $25,000,000 to the State of Texas.
This amount had previously been accrued in the Company's financial
statements. The settlement does not constitute an admission, finding or
evidence of any liability or wrongdoing by Hi-Tech.
