The Department of Justice has reportedly launched a probe into Medtronic, according to the Wall Street Journal. Yahoo Finance’s On the Move panel discusses.
ADAM SHAPIRO: And welcome back to "On the Move." let's check the share price right now from Medtronic. We talk a lot about pharmaceutical companies and the race for a vaccine, but here's a company that is making some of the devices that are necessary for the treatment of COVID-19. In particular, we're talking about these ventilators.
And here's the problem. "The Wall Street Journal" has reported-- you see the shares are off a bit today-- that the Justice Department is investigating whether Medtronic, through a series of acquisitions that were taking place before they actually acquired Covidien back in-- I don't have the exact year, but this DOJ review goes back to 2012-- whether or not they were trying to create a situation where they would be able to control the products that go into the ventilator manufacturing.
So this is an antitrust investigation, according to people that the journal is citing as DOJ probes this situation, because there are complaints about ventilator shortages during the pandemic. And this is something now that DOJ is zeroing in on.