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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported) July 13, 2000 (July 12, 2000)
MYLAN LABORATORIES INC.
(Exact name of registrant as specified in its charter)
Pennsylvania 1-9114 25-1211621
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
130 Seventh Street
1030 Century Building
Pittsburgh, PA 15222
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (412) 232-0100
Item 5. Other Events.
The Registrant's News Release dated July 12, 2000, attached hereto as
Exhibit 99.1, is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(a) Financial statements of businesses acquired.
None.
(b) Pro forma financial information.
None.
(c) Exhibits.
99.1 News Release dated July 12, 2000.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MYLAN LABORATORIES INC.
By: /s/ Milan Puskar
--------------------------
Milan Puskar, Chairman and
Chief Executive Officer
Date: July 13, 2000
Pittsburgh, Pennsylvania
NEWS RELEASE Contact:
Patricia Sunseri
412-232-0100
For Immediate Release
Mylan Laboratories Announces Proposed Settlement With FTC
PITTSBURGH, Pa., July 12, 2000 - Mylan Laboratories Inc. (NYSE: MYL) announced
today that it has reached a tentative settlement with the Federal Trade
Commission and State Attorneys General over lawsuits filed against the company
in December 1998.
Mylan also has reached a tentative agreement to settle private class-action
lawsuits filed against the company on behalf of consumers and third-party
reimbursers related to the same legal issues addressed in the FTC and Attorneys
General cases.
The company has agreed to pay a total of $135 million in settlement plus up to
$12 million in attorney fees. Final settlement documents are being negotiated
with the FTC, States' Attorneys General and lawyers representing private
plaintiffs. These settlements also include three companies indemnified by
Mylan--Cambrex Corporation, Profarmaco S.r.l. and Gyma Laboratories, Inc.
Mylan continues to strongly dispute all allegations and admits to no wrongdoing
in the settlements. The proposed settlement with the FTC is subject to review
and approval of the FTC commissioners. Court approval will also be required
before the settlements become final.
"This is the first time in Mylan's 39-year history that any government agency
has accused us of improper conduct," said Milan Puskar, Chairman and Chief
Executive Officer of Mylan Laboratories. "We continue to believe we acted
properly. However, the Board and I view these settlements to be in the best
interest of our company's shareholders, customers and employees. By putting a
significant portion of this case behind us, we can now look forward to devoting
our full resources to the business of this company."
(more)
Lawsuits not included in the settlements principally involve institutional
purchasers such as wholesalers. Mylan intends to vigorously defend these cases.
The company believes these cases are inappropriate as class actions, do not
properly state a claim or are covered by the settlements.
Mylan is a fully integrated pharmaceutical company with Corporate headquarters
in Pittsburgh. In addition to generic products, the company also develops,
produces, markets and distributes a growing number of innovative, proprietary
drugs. More information about the company is available at its web site,
www.mylan.com.
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