Bristol-Meyers Squibb Co. Stock Drops After Investigation Announcement

NEW YORK-Federal investigators are looking at pharmaceutical giant Bristol-Meyers Squibb Co. after reports that the company gave free drugs and devices to doctors in exchange for purchase of other Bristol drugs.

Bristol stock fell 3% Tuesday after the announcement. A company spokesperson said it was cooperating with the federal investigation and felt its pricing practices complied with the law.

Investigators are also looking at whether the company encouraged doctors to bill Medicare and Medicaid improperly.

Information from www.usatoday.com