Alere Announces Agreement In Principle To Settle With U.S. DoJ

(RTTNews) - Alere Inc. (ALR) said that it has reached an agreement in principle to settle with the U.S. Department of Justice to resolve various potential civil claims, including claims under the False Claims Act, relating to Alere Triage cardiac and Toxicology products sold between January 2006 and March 31, 2012. The settlement related to matters arising out of the previously disclosed 2012 FDA inspection of Alere San Diego and the Office of Inspector General subpoena.

"If the ongoing discussions with the DOJ are successfully concluded, we believe the total combined payment to the Department of Justice and the participating states will be within the $35 million loss contingency reserve previously taken by the Company," Alere said.