Shares of Perrigo (PRGO) were lower by 5.6% to $71.96 in early trading on Wednesday morning, after the company disclosed late Tuesday night that search warrants had been executed at its corporate offices with regards to an ongoing Department of Justice Antitrust Division investigation.
The investigation is in relation to drug pricing in the pharmaceutical industry.
"As has been previously disclosed by a number of companies, the Antitrust Division has been looking at industry-wide pricing practices. The company is taking this investigation seriously and is cooperating with the appropriate authorities," the company said.
Shares of generic drugmakers plunged Nov. 3 on press reports that the U.S. Department of Justice was on the verge of issuing criminal charges for suspected price collusion.
The DOJ's investigation has been under way for at least two years and a number of companies have reported receiving subpoenas related to the investigation.
Shares of companies that had announced investigations and others thought subject to the investigation were hit at the time, including Mylan (MYL) ,Teva (TEVA) Endo (ENDP) , Lannett (LCI) , Impax Laboratories (IPXL) and Taro Pharmaceutical (TARO) .
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