Par Pharmaceutical Companies Inc. (PRX, Financial) filed Annual Report for the period ended 2010-12-31.
Par Pharmaceutical Companies Inc. has a market cap of $1.26 billion; its shares were traded at around $35.27 with a P/E ratio of 12.2 and P/S ratio of 1. Hedge Fund Gurus that owns PRX: Joel Greenblatt of Gotham Capital, Jim Simons of Renaissance Technologies LLC, Paul Tudor Jones of The Tudor Group, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns PRX: Chuck Royce of Royce& Associates.
In December 2010, we reached a settlement in principal related to the routine post-award contract review of our contract with the Department of Veterans Affairs for the periods 2004 to 2007 with the Office of Inspector General of the Department of Veterans Affairs. The settlement and release agreement is currently under review by the Department of Veterans Affairs. We had previously accrued a loss contingency of approximately $5.2 million, including interest, in accrued expenses and other current liabilities and payables due to distribution agreement partners on our consolidated balance sheet as of September 30, 2010, related to this matter. Based upon the best information currently available to us, we have reduced this accrual to $1.1 million, which represents our best estimate of loss related to this matter. Accordingly, we recognized $4.1 million of income in the fourth quarter of 2010 as a change in estimate. Refer to Note 5 - Accounts Receivable for more information.
/td> (1) In April 2004, the Board authorized the repurchase of up to $50.0 million of our common stock. Repurchases are made, subject to compliance with applicable securities laws, from time to time in the open market or in privately negotiated transactions, whenever it appears prudent to do so. Shares of common stock acquired through the repurchase program are available for reissuance for general corporate purposes. In September 2007, we announced that the Board approved an expansion of our share repurchase program allowing for the repurchase of up to $75 million of our common stock, inclusive of the $17.8 million remaining from the April 2004 authorization. The authorized amount remaining for stock repurchases under the repurchase program was $43.6 million, as of December 31, 2010. The repurchase program has no expiration date.
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Par Pharmaceutical Companies Inc. has a market cap of $1.26 billion; its shares were traded at around $35.27 with a P/E ratio of 12.2 and P/S ratio of 1. Hedge Fund Gurus that owns PRX: Joel Greenblatt of Gotham Capital, Jim Simons of Renaissance Technologies LLC, Paul Tudor Jones of The Tudor Group, Bruce Kovner of Caxton Associates, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns PRX: Chuck Royce of Royce& Associates.
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been named as a defendant in substantially similar civil law suits filed by the Attorneys General of Alabama, Alaska, Florida, Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Mississippi, Oklahoma, South Carolina, Texas and Utah, and also by the city of New York, 46 counties across New York State and Ven-A-Care. These cases generally seek some combination of actual damages, and/or double damages, treble damages, compensatory damages, statutory damages, civil penalties, disgorgement of excessive profits, restitution, disbursements, counsel fees and costs, litigation expenses, investigative costs, injunctive relief, punitive damages, imposition of a constructive trust, accounting of profits or gains derived through the alleged conduct, expert fees, interest and other relief that the court deems proper. Several of these cases have been transferred to the AWP multi-district litigation proceedings pending in the U.S. District Court for the District of Massachusetts for pre-trial proceedings. The case brought by the state of Mississippi will be litigated in the Chancery Court of Rankin County, Mississippi and the federal case brought by Ven-A-Care will be litigated in the U. S. District Court for the District of Massachusetts. The other cases will likely be litigated in the state or federal courts in which they were filed. To date, several of the cases in which we have been named a defendant have been scheduled for trial, including the civil law suits filed by the state Attorneys General of Texas, Kentucky, Idaho and Alaska, with trials commencing on or about May 2, 2011, July 11, 2011, September 26, 2011 and May 7, 2012, respectively. In the Utah suit, the time for responding to the complaint has not yet elapsed. The Hawaii suit was settled on August 25, 2010 for $2.3 million. The Massachusetts suit was settled on December 17, 2010 for $0.5 million. The Alabama suit was settled on January 5, 2011 for $2.5 million. In each of the remaining matters, we have either moved to dismiss the complaints or answered the complaints denying liability. We will continue to explore settlement opportunities in other jurisdictions. At this time we are not able to estimate the possible loss or range of loss associated with these legal proceedings. Certain of the other pharmaceutical companies named in these suits have entered into settlements with various jurisdictions for amounts ranging up to tens of millions of dollars per jurisdiction. We intend to defend each of these actions vigorously.In December 2010, we reached a settlement in principal related to the routine post-award contract review of our contract with the Department of Veterans Affairs for the periods 2004 to 2007 with the Office of Inspector General of the Department of Veterans Affairs. The settlement and release agreement is currently under review by the Department of Veterans Affairs. We had previously accrued a loss contingency of approximately $5.2 million, including interest, in accrued expenses and other current liabilities and payables due to distribution agreement partners on our consolidated balance sheet as of September 30, 2010, related to this matter. Based upon the best information currently available to us, we have reduced this accrual to $1.1 million, which represents our best estimate of loss related to this matter. Accordingly, we recognized $4.1 million of income in the fourth quarter of 2010 as a change in estimate. Refer to Note 5 - Accounts Receivable for more information.
/td> (1) In April 2004, the Board authorized the repurchase of up to $50.0 million of our common stock. Repurchases are made, subject to compliance with applicable securities laws, from time to time in the open market or in privately negotiated transactions, whenever it appears prudent to do so. Shares of common stock acquired through the repurchase program are available for reissuance for general corporate purposes. In September 2007, we announced that the Board approved an expansion of our share repurchase program allowing for the repurchase of up to $75 million of our common stock, inclusive of the $17.8 million remaining from the April 2004 authorization. The authorized amount remaining for stock repurchases under the repurchase program was $43.6 million, as of December 31, 2010. The repurchase program has no expiration date.
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