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Hit ’em where it hurts!!

Posted by shutah on January 17, 2011

Aha, this is where we get ’em!!!

Shares are still seeking direction. Drug group GlaxoSmithKline (GSK) fell back this afternoon after saying it will take a legal charge of £2.2bn for the fourth quarter of 2010, mostly linked to an investigation into US sales and promotional practices and for product liability cases regarding diabetes drug Avandia. The stock has managed to stay out of the bottom 10 though. FTSE 100 down 20 at 5,982.

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One Response to “Hit ’em where it hurts!!”

  1. shutah said

    GlaxoSmithKline admitted yesterday that its profits for the final three months of last year will be wiped out by legal costs relating to its Avandia diabetes drug, which has been linked to heart attacks and strokes in users. The company will record a £2.2bn legal charge as it settles further claims linked to the drug that was once its second-best-selling product — and hundreds more American lawsuits are still in the pipeline, the Times reports.

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