OTHER NEWS - Feb. 20, 1993
Federal Grand Jury Investigates Lilly: Eli Lilly and Co. said it is the target of a federal grand jury investigation into the company’s compliance with government rules covering the firm’s drug manufacturing operations. The inquiry centers on a 1989 agreement between Lilly and the Food and Drug Administration that focused on improvements to the company’s quality control systems. Before that agreement, the FDA had issued a highly critical report on manufacturing at the company’s Indianapolis plant. After disclosure of the Maryland investigation, Lilly stock fell $3.125 a share to close at $48.75 in trading on the New York Stock Exchange.
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