Henry Schein, Inc. (HSIC) Accused of Antitrust and Securities Violations
Between March 2013 and February 2018, the executives of Henry Schein, Inc. (HSIC) engaged in a conspiracy with Benco and Patterson to restrain trade to drive down competition in the dental products market and inflate the prices of dental products. This agreement included refusing to offer discounted prices or to negotiate with group purchasing organizations, refraining from poaching one another’s customers or sales representatives, and blocking the entry and expansion of rival distributors. The conspiracy came to light on February 12, 2018, when the Federal Trade Commission filed an administrative complaint against Henry Schein, Benco, and Patterson for violation of federal antitrust law. Additionally, multiple dental and medical suppliers have brought lawsuits against Henry Schein alleging antitrust violations.
On February 8, 2019, Henry Schein’s newly merged animal healthcare business Covetrus began trading on NASDAQ. Henry Schein’s officers and directors touted the Company’s financial prospects. However, on August 13, 2019, Covetrus shockingly reported disappointing financial results and reduced EBITDA, causing its stock price to plummet. The stock has yet to recover and Covetrus shareholders have brought a lawsuit to recover their losses.
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