Editor's Picks

UnitedHealth/Change Healthcare: As DOJ Drops Appeal, Agency May Pivot to Considering Broader Section 2 Cases Against U.S. Health Behemoths

DOJ said today that it wouldn’t appeal a federal judge’s decision allowing UnitedHealth’s (UNH) $7.8 billion acquisition of Change Healthcare (CHNG). The purchase of Change, which operates the most popular clearinghouse for insurance information, puts UnitedHealth, the No. 1...

Mar 21, 2023 Read Now >

The European Antitrust Agenda: Microsoft’s Formal Activision Remedy Pledge; CMA Takes Shot at UnitedHealth/Emis Merger; EC Extends Broadcom/VMware Probe; European Cloud Providers Tell Microsoft to End Allegedly Unfair Licensing

Microsoft makes formal EC remedy offer. Microsoft (MSFT) last week offered formal concessions to the European Commission in connection with its planned takeover of Activision Blizzard (ATVI). The Brussels-based regulator will seek third-party feedback on the offer. The offer is...

Mar 21, 2023 Read Now >

The Antitrust Agenda: What UBS Buying Credit Suisse Means for Bank Merger Reviews; Timing of Draft Merger Guidelines

UBS’s takeover of Credit Suisse, announced yesterday, is clearly at odds with the Biden administration’s whole-of-government approach to enforcing competition policy. The merger combines a formerly top 10 bank with its Swiss rival – an outcome that would have been unthinkable from a...

Mar 21, 2023 Read Now >

InMode: Company Only Recently Began Submitting Required Malfunction and Injury Reports to FDA

Prior to last month, InMode (INMD), a manufacturer and vendor of aesthetic medical devices, had not been submitting mandatory reports to the Food and Drug Administration regarding injuries and malfunctions stemming from the use of its devices, according to a Capitol Forum analysis of an...

Mar 10, 2023 Read Now >

Xponential: Sales Pitch to Some Former Franchisees May Have Violated Franchise Disclosure Rules

Fitness franchisor Xponential (XPOF) in some cases appears to provide financial projections as part of its sales pitch to prospective franchisees beyond those contained in its franchise disclosure documents—a potential violation of federal franchise rules—according to interviews and...

Mar 10, 2023 Read Now >

Microsoft Cloud Rivals Meet With Vestager to Discuss EU Antitrust Complaint

European cloud providers Aruba, Danish Cloud Community and OVHcloud met with EU competition chief Margrethe Vestager yesterday to discuss their allegations that Microsoft (MSFT) uses unfair software licensing practices to harm rivals of its own Azure cloud service, The Capitol Forum has...

Mar 10, 2023 Read Now >

Broadcom/VMware: EC, FTC Raising Concerns About Large Corporate Clients That Demand On-Premises Virtualization Software Services

The European Commission and the FTC are said to be raising concerns about how Broadcom’s (AVGO) proposed $61 billion VMware (VMW) purchase could affect large corporate clients that access their VMware server virtualization software on premises. VMware is a market-leading producer of...

Mar 09, 2023 Read Now >

The European Antitrust Agenda: Microsoft/Activision Might Be Poised For a Win at the EC as Critics Turn Up the Heat; New Tune in EC’s Music-Streaming Case Against Apple; The Trouble With CMA Efforts to Encourage Climate Initiatives; Viasat/Inmarsat Gets Provisional Green Light From London; UnitedHealth/Emis Faces New Demands From CMA; Dutch Enforcer Calls for Tool to Tackle Tacit Collusion; EC About to Hit Google With SO Over Online Ads

A coup for Microsoft/Activision at the EC? Microsoft (MSFT) is set to receive a notable boost from the European Commission in connection with its planned $68.7 billion takeover of Activision Blizzard (ATVI), according to a report. The EC, the report said, is expected to approve the...

Mar 06, 2023 Read Now >

The Antitrust Agenda: At Keystone Conference, Kanter Warned About Big Tech as Vestager Struck Centrist Note

Antitrust enforcement sparks optimism at Brussels event, but some say new laws key. Speakers at a Keystone Strategy conference in Brussels on March 2 voiced optimism that antitrust enforcement and competition policy have sprung back to life in the fight against monopolies and other...

Mar 06, 2023 Read Now >

CMS Policy: Advance Notice Appears to Target Lucrative Diagnosis Codes Previously Used by Companies Like Signify and Oak Street Health

The Centers for Medicare and Medicaid has proposed changes to the risk adjustment model that will reduce or eliminate some of the extra money the agency pays to Medicare Advantage plans to manage and treat certain chronic conditions. In focus are certain inappropriate coding...

Mar 03, 2023 Read Now >

Intel/Tower Semiconductor: With SAMR Approval Outstanding, Intel Executive Stresses Commitment to China

With Intel’s (INTC) $5.4 billion bid for Tower Semiconductor (TSEM) under review by China’s antitrust authority, Intel China Chairwoman Wang Rui has embarked on a charm offensive, stressing the company’s long-term commitment to the country. Wang, who’s also a senior vice...

Mar 02, 2023 Read Now >

Federal Reserve Taps Amazon for New Payments Project; Lawmakers Calls for Scrutiny

The Federal Reserve has tapped Amazon (AMZN) to provide data storage for an ambitious new payment system, according to sources familiar with the matter. The move could increase political pressure to put the tech giant under the watch of U.S. financial system regulators. The new...

Feb 24, 2023 Read Now >

FleetCor: Company and FTC Unable to Come to Agreement on Injunctive Relief Order; Judge Asks Parties to Answer Questions Ahead of Potentially Issuing Order

After initially trying to get the Federal Trade Commission and FleetCor (FLT) to reach an amicable decision on the scope of an order for permanent injunction and other relief, federal district court judge Amy Totenberg may be forced to issue an order, as the parties appear to remain far...

Feb 22, 2023 Read Now >

Xponential: Some Franchisees Say They Struggle to Make Business Model Work at Franchised Locations; Company Potentially Obfuscates Franchise Failure Rate in Disclosure Documents

Fitness franchisor Xponential (XPOF), whose brands include Club Pilates, Pure Barre and Cycle Bar, touts that it has never had a studio go out of business, even in the midst of pandemic restrictions that temporarily shut down exercise facilities and scared customers away from gyms. The...

Feb 15, 2023 Read Now >

Pediatrix: Halt of Arbitration Payment Determinations Could Delay Company’s Collection of Disputed Payments

In response to a Texas Federal District Court decision vacating certain No Surprises Act implementation rules, the Centers for Medicare and Medicaid Services last week paused the issuance of all new No Surprises Act arbitration payment determinations and recalled all determinations issued...

Feb 15, 2023 Read Now >

New Hard Beverage Products From Pepsi and Coke Threaten the Integrity of Alcohol’s Three-Tier System, Critics Warn; States and the TTB Are Set to Weigh in With Enforcement and New Rules as FTC Investigates Big Soda’s Relationship with Retailers

Consumers browsing the beer aisle will soon be confronted by a new product: Lipton Hard Iced Tea, the next big move by PepsiCo (PEP) to spin off a popular consumer product into the alcohol industry. It comes one year after Pepsi launched Hard Mtn Dew, a 5% alcohol version of Mountain...

Feb 13, 2023 Read Now >

Broadcom/VMware: FTC Staff Sounds Out Third Parties About Signing Declarations for Possible Court Case

FTC staff attorneys reviewing Broadcom’s (AVGO) proposed purchase of VMware (VMW) are sounding out industry participants about whether they would sign declarations or participate in investigational hearings, deepening the agency’s investigation of the $61 billion deal, sources...

Feb 10, 2023 Read Now >

Natera: Kentucky AG Investigation Ongoing; Public Records Request Indicates AG Formulating Policies, Official Actions

A response to a public records request from the Kentucky Attorney General indicates that the office may be formulating policy recommendations in regard to its active criminal investigation of the genetic testing company Natera (NTRA). The Capitol Forum has previously reported that Natera...

Feb 06, 2023 Read Now >

Corcept: Use of Charitable Foundations Could Draw DOJ Scrutiny

Corcept Therapeutics Incorporated (CORT) appears to have provided patients with free Korlym or financial assistance through charitable foundations to give them access to the company’s expensive flagship drug. After those people got access to the drug, the company aggressively pushed...

Jan 24, 2023 Read Now >

Zynex: Company Improperly Billing Worker’s Compensation Funds for TENS Devices; Practices Strikingly Similar to Competitor Being Sued by 28 Liberty Mutual Insurers

A Capitol Forum investigation has uncovered extensive issues regarding the billing practices of the medical device company Zynex (ZYXI), with these issues ranging from the use of improper billing codes to shipping large quantities of unnecessary supplies to patients. These issues bear...

Dec 21, 2022 Read Now >

Coterra Energy: Pennsylvania Drilling Signals Early Shift Towards Less Promising Targets as Legacy Marcellus Wells Underperform Peers

Coterra Energy (CTRA) appears to be running out of Tier One inventory in the Marcellus, Upstream suggests, while its regional production during the first three quarters of 2022 has dipped to the company’s lowest levels since 2018. A surge in production in the second half of the year...

Dec 19, 2022 Read Now >

Amazon Should Face Firm UK Antitrust Action as EC Seeks to Settle Retail Cases, Critics Say

UK competition enforcers investigating how Amazon (AMZN) treats rival retailers should be tougher than the European Commission has been in reining in the company’s dominance over e-commerce, two critics told The Capitol Forum. The EC and Amazon are expected to formalize a settlement...

Dec 15, 2022 Read Now >

Assa Abloy/Spectrum Brands: Judge Jackson Considers Following Judge Nichols Departure from Other D.C. District Judges’ ‘Litigating the Fix’ Burden Allocation

During last week’s hearing, D.C. District Court Judge Amy Berman Jackson indicated that she is considering following Judge Nichols departure from how other D.C. District Court judges have allocated the evidentiary burden for divestitures in DOJ’s challenge to block Assa Abloy’s...

Dec 15, 2022 Read Now >

Procept Biorobotics: UnitedHealthcare Commercial Policy Effective December 1, 2022, Reiterates Aquablation as Unproven and Not Medically Necessary Due to Insufficient Evidence of Safety and/or Efficacy

UnitedHealthcare (UNH), the largest insurer in the country, recently released its prostate surgeries and interventions commercial medical policy effective December 1, 2022. The policy reiterates the insurer’s prior view that aquablation, which uses a high pressure saline solution to...

Dec 13, 2022 Read Now >

Korean Air/Asiana: Complainants Urge SAMR to Hold Parties to Initial Remedy Offer, Delay Decision

Chinese industry associations and airline operators are urging the country’s antitrust authority to require Korean Air (KRX: 003490) and Asiana Airlines (KRX: 020560) to abide by a remedy offer they made to address concerns with their proposed merger but subsequently rescinded, sources...

Dec 09, 2022 Read Now >

InMode: Company Misrepresents Licensing Requirements and Earnings Potential when Selling Devices to Doctors, According to Former Sales Representatives

InMode (INMD), a manufacturer of aesthetic medical devices, often does not tell doctors interested in purchasing their products about the additional licensing requirements needed to operate the devices, according to former company sales representatives. The omission, the former employees...

Dec 09, 2022 Read Now >

Corcept: DOJ Investigation may Involve Off-Label Marketing of Flagship Drug; Source says Potential Promotion for Off Label use Continues

Drug manufacturer Corcept (CORT) disclosed that late last year it received a records subpoena from the U.S. Attorney’s Office for the District of New Jersey, stating that the office was “seeking information relating to the sale and promotion of Korlym, Corcept’s relationships with...

Dec 09, 2022 Read Now >

Kroger/Albertsons: State Lawsuits Over Albertsons Dividend Could Complicate Potential FTC Litigation

State efforts to stop Albertsons (ACI) from issuing a $4 billion special dividend to shareholders ahead of its planned merger with rival supermarket Kroger (KR) could complicate a potential federal challenge of the deal itself.  The Washington, D.C., California, and Illinois attorneys...

Dec 07, 2022 Read Now >

Natera: Company’s Ties with China’s BGI Genomics Exposes it to Political and Regulatory Risk

Natera’s (NTRA) joint venture with a Chinese genetic testing company that has ties to the People’s Liberation Army could spell issues for the company and raise potential national security and human rights concerns, according to national security experts interviewed by The Capitol...

Dec 07, 2022 Read Now >

Amazon/iRobot: CMA’s Threat to Transaction Looms Large in Europe 

Approval from the Competition and Markets Authority will likely be the biggest European regulatory hurdle for Amazon’s (AMZN) $1.7 billion plan to buy automated cleaning device maker iRobot (IRBT), sources have told The Capitol Forum.  In many ways, the deal is like Google’s...

Dec 06, 2022 Read Now >

Microsoft/Activision Blizzard: Sony Far From Signing Call of Duty Proposal As Likely FTC Vote On Suit Nears

Microsoft (MSFT)—facing a likely FTC lawsuit this month to block its proposed Activision Blizzard (ATVI) buyout when a timing agreement with the agency expires—has so far failed to convince Sony (SONY) to drop its objections to the $68.7 billion deal, sources familiar with the matter...

Dec 02, 2022 Read Now >

Thoma Bravo/ForgeRock: Companies  Set to  Pull and  Refile Premerger Notification, Giving DOJ More Time to Review Deal

Thoma Bravo (TBA), the world’s largest private equity firm, and cybersecurity software company ForgeRock (FORG) plan to pull and refile the notification for their proposed $2.3 billion merger, according to a source familiar with the matter.  With the pull-and-refile, the...

Nov 22, 2022 Read Now >

Amazon and Private Equity Firm Apollo Grab Power in U.S. Air Cargo Industry; TSA Defers Safety Authority to Amazon’s Unregulated Airline

Amazon and Apollo are rolling up power in the air cargo market. In recent years, Amazon (AMZN) acquired equity and warrants in Atlas Air (AAWW) and equity and warrants at ATSG (ATSG)— two of the largest U.S. independent air cargo carriers, according to an analysis by The Capitol Forum...

Nov 17, 2022 Read Now >

Excessive Medicine Prices Under Spotlight in Two Upcoming UK Pharma Judgments

Two upcoming rulings by the UK’s Competition Appeal Tribunal (CAT) are expected to further clarify the price monopolist pharmaceutical companies can charge the UK’s National Health Service (NHS) for off-patent drugs, sources have told The Capitol Forum. The rulings—set to be...

Nov 16, 2022 Read Now >

The Antitrust Agenda: Republican Senators Take Aim at ESG Initiatives on Eve of Elections; Open Markets’ Lynn Says Attention on Amazon Following DOJ Win vs. Book Publisher Merger

GOP senators warn law firms about clients’ possible ESG antitrust violations. Senate Republicans warned law firms about “possible antitrust violations” that their “clients may commit if they pursue Environmental, Social and Governance (ESG) initiatives.” The firms and their...

Nov 07, 2022 Read Now >

Kroger/Albertsons: Companies Have Overlap of More Than 1,400 Stores; Khan Highly Critical of Failed Supermarket Divestitures

Kroger’s (KR) planned $24.6 billion acquisition of rival grocer Albertsons (ACI) would result in common control of more than 1,400 closely competing stores absent divestitures, according to a Capitol Forum analysis. Past reviews of grocery mergers by the FTC have centered on economic...

Nov 02, 2022 Read Now >

Assa Abloy/Spectrum Brands: The Merging Parties are Unlikely to Offer Divesture that Moves the Needle with DOJ

Assa Abloy (ASSA-B:SS) confirmed last week that the company has taken initial steps to sell its Emtek lock brand and smart residential business in the U.S. and Canada to oppose DOJ’s challenge to its $4.3 billion bid for the hardware and home improvement (HHI) division of Spectrum...

Oct 18, 2022 Read Now >

Healthcare Policy: DOJ Sues Cigna Over Medicare Advantage Risk Score Adjustments; Alleged Practices Similar to Those Uncovered in Reporting About Oak Street Health and Signify Health

Yesterday, the Department of Justice announced that it had filed a civil lawsuit against Cigna (CI) alleging that the insurer defrauded the Medicare Advantage program out of tens of millions of dollars. The allegations raised by the government are similar to those uncovered by The Capitol...

Oct 18, 2022 Read Now >

Flagstar Bancorp/New York Community Bancorp: When FDIC Rebuffed Merger Bid, Banks Restructured Deal So OCC Would Review It

Federal Deposit Insurance Corporation (FDIC) staff members were so concerned about fair lending failings at Flagstar Bancorp (FBC) that they told executives at New York Community Bancorp (NYCB) that they wouldn’t support their proposed $2.6 billion acquisition of the company, according...

Oct 18, 2022 Read Now >

Coordination Out Loud: Analysis of Public Statements from Fertilizer Industry Executives

Coordination Out Loud: Analysis of Public Statements from Fertilizer Industry Executives Special Note: Coordination Out Loud is a series of articles that analyze select corporate transcripts through the lens of Joseph Harrington’s landmark paper, “Collusion in Plain Sight: Firms’...

Oct 17, 2022 Read Now >

CFPB September Complaint Data: Credit Acceptance Sees 8% Month-Over-Month Increase in Complaints, Some Complaints Allege Potential Violations of SCRA; ENOVA Sees a Number of Complaints and Recent California Decision Could Negatively Affect Business

The information contained in this report is compiled from the CFPB’s publicly available complaint data. The agency uses complaint information to monitor risk in financial markets, assess risk at companies, and prioritize agency action. The Capitol Forum’s compilation of the data also...

Oct 13, 2022 Read Now >

Microsoft/Activision Blizzard: Deal Opponents Underscore Google Stadia Shutdown While Xbox Maker Can Point to Netflix Game Expansion

As regulatory concerns in the U.S. and Europe persist about Microsoft’s (MSFT) proposed $68.7 billion Activision Blizzard (ATVI) acquisition, two developments that occurred late last month—Google shuttering its Stadia service and Netflix’s deepening commitment to video-game...

Oct 13, 2022 Read Now >

Sino Biopharm/F-Star Therapeutics: U.S., UK Coordinate National Security Reviews of Controversial Deal

The Committee on Foreign Investment in the United States (CFIUS) and the UK’s Department of Business, Energy and Industrial Strategy (BEIS) are coordinating their national security reviews of the proposed purchase of Britain-based F-Star Therapeutics (FSTX), a company linked to research...

Oct 12, 2022 Read Now >

Standard General/Tegna: Sources Say Pelosi-Pallone Letter Provides Political Cover for Rosenworcel to ‘Pocket Veto’ Deal

House Speaker Nancy Pelosi and Energy and Commerce Committee Chairman Frank Pallone, Jr., raised concerns about Standard General’s $8.6 billion bid for broadcast station group Tegna (TGNA). In an October 6 letter to FCC Chairwoman Jessica Rosenworcel, the two Democrats asked the FCC...

Oct 10, 2022 Read Now >

FTAI Infrastructure: Drag on Freight Revenues Likely Amidst US Steel Idling Facilities

Energy and transportation company FTAI Infrastructure (FIP) will likely see lower revenues this quarter amid a cut to steel and tin production from its largest freight customer, US Steel (X), according to a Capitol Forum investigation. ...

Oct 10, 2022 Read Now >

Procept Biorobotics: UnitedHealthcare Community Plan Policies Reiterate No Coverage for Aquablation, Indicating Procedure is Unproven and Not Medically Necessary Due to Insufficient Evidence of Safety and Efficacy

Last week, UnitedHealthcare (UNH), the largest insurer in the country, published updated coverage determinations for three Community Plan Medical Policies in New Jersey, Kentucky, and Tennessee. The updated determinations did not include coverage for the prostate treatment known as...

Oct 07, 2022 Read Now >

The Beauty Health Company: Company Faces Undisclosed Competition for Consumable Serums; Company’s Allegedly Anticompetitive Practices Face Tying Allegations in Court, Nominative Fair Use Arguments from Spas

The Beauty Health Company (SKIN) produces devices and serums for facial treatments at spas and dermatology clinics, with the Hydrafacial system being its flagship brand. While the company commands a high price for the Hydrafacial system and equipment, the consumable serums, boosters, and...

Oct 05, 2022 Read Now >

For health-related articles; image of pen and stethoscope

Pediatrix: Storm Clouds Loom over Enforceability and Deterrent Effect of Company’s Physician NonCompete Agreements

Pediatrix Medical Group (MD), the leading neonatology and specialty pediatric care staffing company, relies on noncompete agreements with physicians and nurse practitioners that bar them from working at a competing practice in a geographical area after leaving the company. The...

Sep 30, 2022 Read Now >

Postal Policy: Express One Seeks Injunction Preventing Termination of Reseller Contract; Company Files Unredacted Contract

Postage Reseller Express One earlier today filed for a temporary restraining order and preliminary injunction preventing the USPS from terminating the Shipping Services Contract the parties entered into in December 2019. The termination is set to become effective after Friday September...

Sep 29, 2022 Read Now >

Amazon/iRobot: Deal Raises Concerns at Center of 1967 Supreme Court P&G Case

Amazon’s (AMZN) proposed $1.7 billion acquisition of iRobot (IRBT) has sparked fevered debate over the 21st century fear of Big Tech’s data collection inside the home. But the deal’s critics also have raised concerns that are similar to those at the center of a 55-year-old...

Sep 23, 2022 Read Now >

FleetCor: FTC’s Proposed Order Seeks to Ban Company’s Fee Practices

The FTC is seeking a court order for permanent injunction and other relief against FleetCor (FLT) and its CEO Ronald Clarke that would prohibit some of the practices the company has relied on to generate hundreds of millions in improper fee revenue from small businesses that use its fuel...

Sep 22, 2022 Read Now >

Microsoft/Activision: After CMA Issues Meeting, Trouble May be Brewing in London; EC Remedies Questions In Flux as EC Leans Towards Blocking Illumina/Grail Merger

The UK’s Competition and Markets Authority is said to have held an “issues meeting” with Microsoft (MSFT) in which the authority outlined the competition concerns it sees with the company’s proposed $68.7 billion acquisition of video game publisher Activision Blizzard (ATVI). ...

Aug 25, 2022 Read Now >

DuPont/Rogers: Parties Face SAMR Impasse, Unrelenting Industry Concerns, as Initial 180-Day Review Expires

China’s antitrust review of DuPont’s (DD) proposed $5.2 billion acquisition of Rogers Corporation (ROG) has hit an impasse as the companies haven’t yet resolved stiff industry concerns with their deal, sources familiar with the matter said. That’s led to case handlers at the...

Aug 23, 2022 Read Now >

ZoomInfo: Company Sold Personal Phone Numbers of EU Citizens Without Consent After Saying It Does Not Sell Personal Data; Practice Likely Violates GDPR, According to Experts, and Undermines Company’s Lawful Basis for Operating in EU

Citizens of European countries subject to the General Data Protection Regulations are having their personal mobile phone numbers processed and sold without their consent by ZoomInfo (ZI), an aggregator of business-related contact information, according to a Capitol Forum...

Aug 19, 2022 Read Now >

Adtalem Global Education: Department of Education Initiates DeVry Recoupment Action; Company Likely on Hook for Borrower Defense Claims

The Department of Education announced that yesterday it formally notified DeVry that the institution is liable to the Department for nearly $24 million for approved borrower defense claims, according to a press release. The notice is an initial demand that relates to DeVry Direct Loan...

Aug 16, 2022 Read Now >

UnitedHealth/Change Healthcare: Economists Battle Over Whether Deal Would Increase Incentives to Access Claims Data

Two economists today argued over whether UnitedHealth Group (UNH) would be more likely to mine valuable health insurance claims data if the company completed its proposed $7.8 billion Change Healthcare (CHNG) acquisition. This morning in federal court, Kevin Murphy, a University of...

Aug 15, 2022 Read Now >

JetBlue Airways/Spirit Airlines: Spirit CEO’s Post-Announcement Interview Foreshadows Deal’s Uphill Antitrust Climb

JetBlue’s (JBLU) proposed $3.8 billion acquisition of Spirit Airlines (SAVE), which the companies formally inked on July 28 after a months-long takeover dance, faces an uphill climb to close given the carriers’ overlaps on dozens of highly-concentrated U.S. city-pair routes and a...

Aug 11, 2022 Read Now >

JPMorgan Chase Avoided Public Punishment From CFPB Under Trump After Discovery of Alleged Fake Accounts

JPMorgan Chase Bank (JPM) avoided public sanctions during the Trump administration for allegedly creating fake accounts when the Consumer Financial Protection Bureau (CFPB) opted to quietly close the matter instead, according to sources familiar with the matter, adding yet another major...

Aug 10, 2022 Read Now >

Privacy Policy: Third-Party Businesses that Engage in Data Collection for Cross-Contextual Advertising May Have to Alter Practices Under CPRA, Experts Say

The draft regulations of the California Privacy Rights Act contain various provisions that are designed to limit the sharing of consumers’ personal data with third-party companies that do not directly interact with consumers, according to privacy experts interviewed by The Capitol...

Aug 08, 2022 Read Now >

FirstCash: California Regulator Takes Action Against Four Technologies for Operating Without License; Levitin Opines that California Retail Installment Sales Agreements Resemble Direct Loans and Loans are Unconscionable

American First Finance, a point-of-sale consumer finance and rent-to-own company recently acquired by payday lender FirstCash (FCFS), operates in California without a nonbank lending license because the company has determined its retail sales installment agreements do not constitute a...

Aug 08, 2022 Read Now >

Mergers Face New Uncertainties in China as SAMR Rolls Out Online Filings and Delegates Power to Regional Offices

China’s antitrust authority is preparing to introduce a new online merger-filing system and other measures that could subject deals such as MaxLinear’s (MXL) $3.8 billion buyout of Taiwan’s Silicon Motion Technology (SIMO) to longer reviews and heightened uncertainty, people...

Jul 21, 2022 Read Now >

EOG Resources: Expanded Drilling Efforts in Utica Oil Window, Company Returns to Appalachia in Positive Signal for Activity in the Region

Marking a return to the region after its 2020 exit, oil and natural gas explorer and producer EOG Resources (EOG) is ramping its drilling program and increasing its acreage on the edge of the Utica Basin’s oil window in Ohio, according to a Capitol Forum investigation. Companies like...

Jul 20, 2022 Read Now >

Illumina/Grail: EC Probe Set to Resume With New Remedy Offer On Table

The European Commission is set to resume its in-depth probe of Illumina’s (ILMN) takeover of cancer-detection test maker Grail in short order, with the Brussels-based regulator expected to seek third-party feedback on a revised set of concessions offered by Illumina, The Capitol Forum...

Jul 19, 2022 Read Now >

AdaptHealth: Consolidation of Acquired Businesses Left Patients with Decreased Access to Oxygen and Forced Workers to Violate Federal Safety Regulations to Make Deliveries

AdaptHealth (AHCO), a distributor of durable medical equipment, has a strong appetite for purchasing local and regional competitors, acquiring over 90 medical suppliers over the last four years. These acquisitions and the resulting efforts by the company to cut costs, however, can often...

Jul 15, 2022 Read Now >

Continental Grain-Cargill/Sanderson Farms: DOJ Officials, Companies Negotiating Remedies to Safeguard Workers; Suit to Block Deal Still Possible

DOJ’s concerns about Cargill’s $4.5 billion joint venture with Continental Grain’s Wayne Farms to buy Sanderson Farms (SAFM) have spawned negotiations between senior department officials and the companies over remedies to safeguard wages and conditions post merger for poultry...

Jul 13, 2022 Read Now >

Agencies See Uptick in Reverse Clearance Battles Amid Resource Constraints, Heightened Workloads

The U.S. antitrust agencies are increasingly fighting reverse clearance battles in which—rather than seeking to gain authority to investigate particular mergers—they’re instead pushing their sister enforcement agency to review the transactions, sources familiar with the matter...

Jul 12, 2022 Read Now >

Drug Patents May Draw Fire as DOJ Dusts Off Section 2 of Sherman Act, Experts Say

America’s top patent and pharmaceutical regulators took a joint stand against pricey prescription medication last week, agreeing to work together to keep drugmakers from using “incremental” patents to impede the release of cheaper versions of their products. But their initiative...

Jul 12, 2022 Read Now >

Privacy Policy: California Starts Formal Rulemaking Process to Implement CPRA; Regulations as Proposed Enhance Consumer Protections and Do Not Exempt Business Information

On Friday, the California Privacy Protection Agency initiated the formal rulemaking process to adopt proposed regulations implementing the Consumer Privacy Rights Act of 2020 (CPRA), which amend and expand upon the California Consumer Privacy Act. The proposed regulations strengthen...

Jul 11, 2022 Read Now >

TD Bank/First Horizon: Trump CFPB Opted Not to Punish TD Auto Finance Subsidiary Following Years-long Investigation

The Consumer Financial Protection Bureau (CFPB) during the Trump administration decided not to punish TD Auto Finance, a subsidiary of TD Bank (TD), following a years-long investigation into TD Auto Finance, according to an agency document and sources familiar with the matter. The CFPB...

Jul 08, 2022 Read Now >

Perdoceo Education Corporation: Insider Selling Red Flags at Perdoceo; Advocates Call ED ‘Asleep at the Wheel’ on For-Profit Education

Elise Baskel took over as President of Perdoceo’s (PRDO) Colorado Technical University (CTU) in January 2022. In short order, Baskel implemented a trading plan known as 10b5-1 to regularly sell off her vested shares in Perdoceo, ultimately selling off 100% of her vested shares over a...

Jun 17, 2022 Read Now >

Oil and Gas Buyers Pause Amidst Volatility and a Lack of Top-Tier Assets; Interest in Ohio Especially Subdued

As Appalachian natural gas companies continue to bring their portfolios to market, buyers have yet to be persuaded on the upside as they expect further volatility into the winter and beyond. Sellers like ExxonMobil (XOM), Tug Hill Operating, Apex Energy, and Olympus Energy have been...

Jun 17, 2022 Read Now >

FirstCash: Financing Practices of American First Finance Subsidiary Could Draw Scrutiny from Democratic Majority FTC, Expanded Ongoing State AG Investigation

The financing practices of American First Finance (AFF), a subsidiary of pawn shop operator FirstCash, Inc. (FCFS), could draw the scrutiny of the Federal Trade Commission and state attorneys general, according to an investigation by The Capitol Forum. AFF specializes in point-of-sale...

Jun 01, 2022 Read Now >

NortonLifeLock/Avast: UK’s More Concentrated Markets, Higher Prices Provide Context for CMA Probe

The UK economy is exhibiting a “worrying combination of trends”: more concentrated industries, higher prices by way of greater markups – a measure of market power – and the largest companies holding onto their sector-leading positions for longer, according to Mike Walker, the...

Jun 01, 2022 Read Now >

The European Antitrust Agenda: EC Raids Fashion Companies; CMA Publishes Full Norton/Avast Decision; Google Reports Privacy Sandbox Progress; LSE Faces Quantile Merger Jeopardy

EC conducts fashion sector antitrust raids. The European Commission on Tuesday disclosed it has begun conducting unannounced inspections of fashion-industry companies in several EU member countries. The raids are a preliminary investigative step into suspected anticompetitive practices...

May 23, 2022 Read Now >

The Antitrust Agenda: Keeping Score as Antitrust Legislation Heads to Senate Floor; Subscription Offerings May Enjoy Break from Apple/Google App Store Taxes; Agency Funding Update

Senate floor time for antitrust bill means likely passage into law. Axios reported May 19 that Senate Majority Leader is telling colleagues that he will allow for a Senate floor vote on antitrust legislation in early summer. A source close to the legislative process explained that, to...

May 23, 2022 Read Now >

Ericsson/Vonage: CFIUS Review of Telecom Deal is Ongoing, Company Spokesperson Says

The Committee on Foreign Investment in the United States (CFIUS) is still reviewing Ericsson’s (ERIC) proposed $6.2 billion buyout of U.S. cloud communications provider Vonage (VG), said a spokesperson for the Swedish telecommunications company, ending weeks of investor speculation...

May 17, 2022 Read Now >

TD Bank/First Horizon: Faulty Accounts Didn’t Draw Fines From Trump Officials; Workers Say Suspect Practices Persist As Deal Approvals Sought

Despite finding TD Bank (TD) wrongly pressured customers into opening accounts and using banking services they didn’t want, a leading bank regulator during the Trump administration opted to give the company a private reprimand rather than a fine for the abuses, according to sources...

May 04, 2022 Read Now >

The Antitrust Agenda: FTC Morale Issues in a Historical Context; In Blows to Big Tech, Sally Hubbard Takes Position at DOJ, Raimondo Supports Antitrust Legislation

The real history of morale at the FTC: Jim Miller on combative staff early in his tenure. The Office of Personnel Management last week released the results of its 2021 Federal Employee Viewpoint Survey (FEVS), which collects feedback from agency employees to detail their views on agency...

May 02, 2022 Read Now >

FTC, DOJ Officials Emphasize Clayton Act’s ‘Tend to Create a Monopoly’ Prong, Broadening Scope of Deals in Agency Crosshairs

DOJ and FTC officials in recent speeches have touted a historically underutilized prong of the Clayton Act they said could serve to meaningfully broaden the scope of U.S. merger enforcement. The Clayton Act prohibits mergers or acquisitions whose effect “may be substantially to lessen...

Apr 28, 2022 Read Now >

MultiPlan’s ‘Maybe You’re In-Network’ PPO Product May Violate No Surprises Act, Experts Say

MultiPlan’s (MPLN) products for health plans fall under two umbrellas—a preferred provider organization (PPO) network product and products related to payment editing, negotiating, and repricing of healthcare claims. The Capitol Forum has previously reported about the company’s...

Apr 28, 2022 Read Now >

Upstart: Seemingly Important Upstart Accounting Change Made Public via KBRA Pre-sale Securitization Report; Expert Says Accounting Change Likely to Be Mentioned in Upcoming 10-Q

Upstart amended loan modification program in April. According to a new KBRA pre-sale report on Upstart’s (UPST) structured pass through trust series 2022-2a, “In April 2022, Upstart amended its CRB and FinWise loan modification policies. Under the new policy, borrowers that have...

Apr 27, 2022 Read Now >

JetBlue’s Competing $3.6 Billion Merger Offer Complicates Spirit Airlines’ Opposition to Northeast Alliance

JetBlue’s (JBLU) unsolicited $3.6 billion offer earlier this month to buy Spirit Airlines (SAVE) does more than inject uncertainty into the discount carrier’s future plans: It complicates Spirit’s role as a leading opponent of JetBlue and American Airlines’ (AAL) Northeast...

Apr 21, 2022 Read Now >

Carvana: Auction Participants Moving Away from ADESA After Announcement of Acquisition

Earlier this year, online used car dealer Carvana (CVNA) announced that it was acquiring the auction business of KAR Global (KAR) for $2.2 billion. The press release accompanying the announcement noted that the acquisition would greatly expand Carvana’s existing auto reconditioning...

Apr 14, 2022 Read Now >

Gazprom Firmly in EC’s Antitrust Sights as Pressure Mounts From Skyrocketing Energy Prices, War in Ukraine

European Commission investigators are stepping up their ongoing probe into allegations Russia’s state-owned Gazprom (GAZP) has abused its dominance on the wholesale natural gas market as political pressure mounts to address surging energy prices in light of the war in Ukraine. The...

Apr 11, 2022 Read Now >

Provider Shows How Multiplan Incentivizes Him to Raise His Billing Rate; Multiplan Says It “Does Not Encourage Providers to Overcharge”

Multiplan (MPLN) says that it provides “independent, fair, and reasonable” pricing for out-of-network healthcare services. Previous Capitol Forum reporting showed that Multiplan’s pricing is not independent, as it can be manipulated by insurers. According to Capitol...

Apr 08, 2022 Read Now >

Merger Monthly: Delrahim’s Pre-Election Remedies Manual Revision Could Undercut DOJ Change Healthcare Case; Outlook for Key Transactions Including Microsoft/Activision, Norton/Avast, and II-VI/Coherent

Just two months before the 2020 election, Trump administration DOJ antitrust division head Makan Delrahim issued a revised merger remedies manual that upended the existing debate about whether—and when—the U.S. agencies would accept private equity divestiture purchasers. Not only...

Apr 06, 2022 Read Now >

Natera: Company Reviewed MGML Non-Profit Status Twice; Review Raises Questions of Rigor, Potentially Exposing Company to Securities Litigation Risk

Last month, investment research firm Hindenburg Research published a report on the genetic testing company Natera (NTRA) that accused the company of deceptive practices regarding its insurance billings. At the center of the report was the allegation that the company had used a company...

Apr 06, 2022 Read Now >

Agency Process Divergence Leaves Deal Lawyers Hoping DOJ, Not FTC, Leads Their Merger Reviews

FTC Chair Lina Khan and DOJ antitrust division head Jonathan Kanter are fellow travelers in the anti-monopoly movement who have used their perches atop the U.S. antitrust agencies to implement much tougher approaches to merger review and remedy negotiations. But although DOJ under...

Apr 05, 2022 Read Now >

UGI: Propane Customers Nationwide Face Lengthy Delays as Scripted Customer Service Agents Appear to Mislead Customers; Company Conduct Could Invite Further Legal Scrutiny

Hundreds of UGI Corp.’s (UGI) AmeriGas retail propane customers in at least 39 states have experienced service delays for weeks to months during some of the coldest periods of the winter season, according to a Capitol Forum investigation. Most complaints follow a pattern: vulnerable...

Mar 24, 2022 Read Now >

In Blow to Multiplan, UnitedHealth Group Has Begun Transitioning Clients to Naviguard, UnitedHealth’s In-house Product

UnitedHealth Group (UNH) is now offering its large employer customers options to transition away from paying high fees for Multiplan’s (MPLN) out-of-network claim pricing services, according to a Capitol Forum investigation. One option for employers is to switch to Naviguard,...

Mar 23, 2022 Read Now >

Microsoft/Activision Blizzard: Video Game Tie-up Draws FTC Scrutiny, Third-Party Concerns, Over Streaming Impact

FTC staff is probing whether Microsoft’s (MSFT) proposed $68.7 billion acquisition of Activision Blizzard (ATVI) would allow the combined company to harm competition in video game streaming markets by withholding gaming titles from rivals, sources familiar with the matter said. As...

Mar 23, 2022 Read Now >

The Antitrust Agenda: Absent Senate Dems Stall Bedoya; Movement on Kanter Front Office; Khan and Kanter Collaboration Signals Drop in ABA Influence; NTIA Hire Sets Up Clash with DOJ Antitrust

Absent Senate Dems stall Bedoya. Sources supporting Alvaro Bedoya, President Joe Biden’s nominee for the FTC’s third Democratic commissioner slot, were expecting movement from Senate Majority Leader Chuck Schumer (D-NY) on the confirmation front last week. But Schumer needed all 50...

Mar 21, 2022 Read Now >

II-VI/Coherent: SAMR Weighs Behavioral Remedy Proposal to Address Industry Excimer Laser Supply Concerns

Case handlers at China’s antitrust authority are evaluating whether a behavioral remedy package that optical components maker II-VI (IIVI) proposed in an effort to clinch its $6.8 billion bid for Coherent (COHR) is sufficient to address industry competition concerns with the tie-up,...

Mar 18, 2022 Read Now >

DOJ Probes Apple App Store Guidelines That Restrict Cloud Gaming Services, Super Apps

DOJ attorneys are probing whether guidelines Apple (AAPL) uses to restrict cloud gaming services and so-called super apps’ access to its App Store could harm competition and cement the company’s mobile dominance, sources familiar with the matter said. The department’s investigation,...

Mar 17, 2022 Read Now >

Mastercard: DOJ Inquiring About Debit Card Used by Popular Delivery Apps

DOJ’s antitrust division is asking whether a Mastercard-backed debit card used by delivery apps like Grubhub, Instacart, Uber Eats (UBER) and DoorDash (DASH) prevent rival debit networks from competing at checkout, according to sources familiar with the probe. At issue is a debit card...

Mar 17, 2022 Read Now >

NortonLifeLock/Avast: Constraint Posed by Pre-Installed Antivirus at Heart of CMA Merger Probe

Microsoft’s (MSFT) pre-installed Defender antivirus protection is at the center of contrasting European phase I merger review outcomes in the UK, Germany and Spain concerning NortonLifeLock’s (NLOK) proposed $8.1 billion acquisition of rival Avast (AVST). The “built-in” nature...

Mar 17, 2022 Read Now >

The European Antitrust Agenda: Google-Facebook Ad Deal Draws EC, CMA Probes Over Possible Collusion; CMA Nears Verdict on Norton/Avast Deal; Germany to Rule on Qualcomm/Arriver Transaction

Google and Meta face parallel probes by EC and CMA over adtech agreement. In a first since Brexit, the European Commission and the UK’s Competition and Markets Authority on Friday opened parallel investigations into whether Alphabet’s (GOOG) Google and Facebook parent Meta Platforms...

Mar 14, 2022 Read Now >

UnitedHealth/Change Healthcare: Companies to Announce Proposed Divestiture of Claims Editing Software Unit In “Matter of Weeks,” Defense Attorney Says

Change Healthcare (CHNG) plans to sign “in a matter of weeks” a deal to divest a business unit that includes its claims-editing software, eliminating the major horizontal overlap that helped spark DOJ’s suit to block UnitedHealth Group’s proposed $7.8 billion purchase of the...

Mar 14, 2022 Read Now >

ZoomInfo: Advocates for Victims of Domestic Violence Raise Concerns Over ZoomInfo’s Community Edition; FTC Nominee Has Championed Policies That Protect Victims of Abuse

Advocates for victims of domestic violence tell The Capitol Forum that they are concerned about the possibility that some victims of domestic violence may unknowingly be exposing sensitive contact information to ZoomInfo’s (ZI) database via the company’s Community Edition service....

Mar 11, 2022 Read Now >

Algorithmic Collusion Will Draw Increasing EC Scrutiny Over Coming Years

The European Commission is assessing how companies might create cartels using artificial intelligence (AI)—increasingly the foundation of technology and commerce worldwide, The Capitol Forum has learned. Online retailers—think Amazon (AMZN) and eBay (EBAY), for example—as well as...

Mar 09, 2022 Read Now >

Multiplan: Company’s Information Sharing, Meetings Practices Could Raise Antitrust Concerns, Experts Say

Multiplan (MPLN), a company that helps health insurers underpay healthcare provider bills, may have an antitrust issue on its hands, according to experts who reviewed Multiplan practices that came to light during testimony in a recent litigation between a health insurer and emergency...

Mar 07, 2022 Read Now >

Oracle/Cerner: Buyer Could Be Next In Line to Test CMA’s Deal Review Appetite

Oracle (ORCL) could be the latest company in a long line to test the UK Competition and Markets Authority’s ardor for reviewing mergers in the tech industry. The firm in December said it would buy health technology supplier Cerner Corporation (CERN) for $28.3 billion, but to date the...

Mar 04, 2022 Read Now >

Poultry Price-Fixing Witnesses Were ‘Coerced’ Into Saying What DOJ Wanted to Hear, Defense Says

Witnesses against poultry executives charged with fixing prices and rigging bids for broiler chickens were coerced into saying what U.S. investigators wanted to hear, and the government’s star witness was a “liar,” defense attorneys told a jury in Denver on Thursday. FBI agents...

Feb 25, 2022 Read Now >

U.S. Poultry Executives Were ‘Cheating,’ Not Competing, DOJ Says as Price-Fixing Retrial Opens

Executives at poultry producers including Tyson Foods (TSN) and Pilgrim’s Pride (PPC) “weren’t competing, they were cheating,” a prosecutor told a jury in Denver on Wednesday, as the U.S. government opened its arguments in a retrial of 10 current and former managers charged with...

Feb 24, 2022 Read Now >

Continental Grain-Cargill/Sanderson Farms: Cargill Soybean Meal Position Draws DOJ Scrutiny, Third Party Complaints Over Local Market Concerns

DOJ staff attorneys are probing whether Cargill’s leading position in chicken feed ingredients would allow the company to harm rivals to its proposed $4.5 billion joint venture with Continental Grain to acquire Sanderson Farms (SAFM) by raising their costs or restricting their supply,...

Feb 24, 2022 Read Now >

Illumina/Grail: EC Review Hiatus Signals Remedy Flexibility in Face of Court Jurisdiction Ruling

The European Commission’s decision to pause its in-depth probe into Illumina’s (ILMN) acquisition of cancer detection test maker Grail just days after the buyer submitted formal concessions designed to address competition misgivings indicates the regulator isn’t dead set on blocking...

Feb 23, 2022 Read Now >

Oak Street Health: DOJ Investigation Likely Focuses on Program That May Be Problematic Under Federal Antikickback Laws

Last November, Oak Street Health (OSH), an operator of primary care clinics for Medicare beneficiaries, disclosed to investors that it had received a civil investigative demand from the Department of Justice. While the company has not shared many details about the scope of the...

Feb 22, 2022 Read Now >

The Antitrust Agenda: Republican Tactics Could Further Complicate Bedoya Vote Timeline; Report Highlights DOJ Resource Concerns; DOD Issues High-Impact Report on Competition

Will Bedoya confirmation require nuclear option? President Joe Biden nominated Alvaro Bedoya to fill the FTC’s third Democratic seat on September 13. And although Bedoya—after a long wait—was expected to finally win Senate confirmation this month, Senator Ben Ray Lujan’s (D-NM)...

Feb 22, 2022 Read Now >

Meta Platforms: Deal For VR Fitness Startup Draws FTC Input, Customer Foreclosure Scrutiny, Third Party Concerns

Meta Platforms’ (FB) proposed purchase of virtual reality (VR) fitness startup Within is drawing FTC scrutiny over concerns the deal would harm rival VR headset manufacturers and app developers, sources familiar with the matter said. The deal, announced on October 29, would give...

Feb 22, 2022 Read Now >

The European Antitrust Agenda: Konecranes/Cargotec Deal Nears EC Decision; NortonLifeLock Delays Avast Closing; Five Eyes Alliance Targets Supply-Chain Collusion; Google Adds Android to “Privacy Sandbox”

Konecranes, Cargotec await EC merger decision. The European Commission could conclude its in-depth investigation into a merger between Konecranes (HEL: KCR) and Cargotec (HEL: CGCBV) as early as this week. The EU watchdog will decide on the deal by March 3, but Phase II decisions often...

Feb 22, 2022 Read Now >

Coordination Out Loud: Volume 9: Analysis of Public Comments from Old Dominion Freight Line CFO

Special Note: Coordination Out Loud is a series of articles that analyze select corporate transcripts through the lens of Joseph Harrington’s landmark paper, “Collusion in Plain Sight: Firms’ Use of Public Announcements to Restrain Competition.” The paper concludes that...

Feb 18, 2022 Read Now >

UnitedHealth Group/Change Healthcare: Health Insurer Prepares to Defend Deal in Court as Timing Agreement Deadline Approaches

UnitedHealth Group (UNH) is preparing to defend its proposed $7.8 billion Change Healthcare (CHNG) purchase in court as the companies approach the end of their timing agreement with DOJ on Tuesday with no resolution to the department’s antitrust concerns in sight, sources familiar with...

Feb 18, 2022 Read Now >

NLRB Atlanta Opera Briefs Include Antitrust Arguments and Novel Proposals, Setting Stage for Gig Economy to Face All-of-Government Approach on Misclassification Concerns

Public interest, government, and industry groups recently submitted more than 30 amicus briefs to the NLRB in a case called Atlanta Opera that could redefine the distinction between employees and independent contractors, and in turn have significant implications for prominent gig economy,...

Feb 17, 2022 Read Now >

The European Antitrust Agenda: Nvidia Abandons Arm Merger; Google Starts Complying with ‘Privacy Sandbox’ Commitments in UK; EC Opens Kingspan/Trimo Review; Apple Sees Dutch Dating-App Fines Pile Up

Nvidia terminates Arm merger plan. Nvidia (NVDA) last week abandoned its takeover of British chip designer Arm Holdings following regulatory resistance from competition authorities in Europe and the U.S. Though its review remained at an early stage in China, the State Administration for...

Feb 14, 2022 Read Now >

ZoomInfo: Privacy Experts Raise Concerns About Community Edition Data Collection; Practices Could Run Afoul of GDPR, FTC Guidelines

Privacy advocates and experts interviewed by The Capitol Forum are raising concerns about the data collection practices of ZoomInfo (ZI), an aggregator of business contact data that includes profiles for over 10 million businesses and 125 million business professionals. At issue is...

Feb 10, 2022 Read Now >

InnovAge: Company Received Civil Investigative Demand from DOJ; Kentucky No Longer Intends to Enter into Agreement with Company

InnovAge (INNV), the country’s largest provider of senior healthcare services under the government’s Program for All Inclusive Care for the Elderly, disclosed in its most recent quarterly filing that it received a civil investigative demand from the Department of Justice under the...

Feb 09, 2022 Read Now >

AT&T’s WarnerMedia/Discovery: DOJ Sends Companies Close-At-Your-Peril Letters, Continues to Review Deal

AT&T (T) and Discovery Communications (DISCA) have received letters from DOJ warning the companies that the department is still conducting an antitrust review of their $43 billion plan to merge AT&T’s WarnerMedia unit with Discovery and reserves the right to challenge the...

Feb 09, 2022 Read Now >

Merger Monthly: Could Microsoft/Activision and Updated Merger Guidelines Meet Again?; Outlook for Key Deals Including AMD/Xilinx, Microsoft/Nuance, and Rentokil/Terminix

The U.S. antitrust agencies formally unveiled their plans to begin rewriting the merger guidelines on January 18—coincidentally, the same day that Microsoft (MSFT) announced its $68.7 billion purchase of video game giant Activision Blizzard (ATVI)—the largest tech transaction of all...

Feb 04, 2022 Read Now >

Oak Street Health: Internal Company Documents, Former Medical Staff Detail Efforts to Increase Patient Risk Scores; Company Diagnosis Rates of Chronic Conditions Much Higher Than National Averages

Oak Street Health (OSH), an operator of primary care clinics for Medicare beneficiaries, appears to encourage physicians to diagnose chronic conditions in their patients even when the diagnosis may not be appropriate, according to internal company documents reviewed by The Capitol Forum...

Feb 04, 2022 Read Now >

For-Profit Colleges Under CFPB Scrutiny for Lending Practices; Experts Expect Data Sharing with Education Department

The Consumer Financial Protection Bureau is becoming a new threat to for-profit colleges as the regulator signaled last week that it will examine institutional practices around lending money to students and collecting on those loans. For-profit institutions that engage in...

Feb 01, 2022 Read Now >

Microsoft/Activision Blizzard: Input Foreclosure Questions Loom Over Global Reviews of Largest Ever Tech Tie-up

Microsoft’s (MSFT) proposed $68.7 billion acquisition of video game publishing giant Activision Blizzard (ATVI) is poised to face exacting global antitrust reviews focused on a host of horizontal and vertical questions, Capitol Forum analysis indicates. Of course, even if it raised no...

Jan 31, 2022 Read Now >

Vodafone/Iliad: Despite Favorable Developments, Possible Italian Mobile Merger Could Face Same Hurdles as Past Deals

Talks between Vodafone Group (LON: VOD) and Iliad about merging their operations in Italy seem audacious given European Commission resistance to deals aimed at shrinking the number of mobile network operators (MNOs) in a country. After all, the commission in 2016 prohibited CK Hutchison...

Jan 27, 2022 Read Now >

Oak Street Health: Former Medical Providers Express Concern Over Staffing Levels, Ability to Care for Medically Complex Populations; 13 Percent of All Clinics List No Doctor on Staff

Several former medical providers and clinical staff at Oak Street Health (OSH), an operator of primary care clinics for Medicare beneficiaries, tell The Capitol Forum that they felt their clinics were often too understaffed to provide appropriate care for patients. These understaffing...

Jan 26, 2022 Read Now >

Signify Health: Company Documents Reveal Emphasis Placed on Booking Visits; Employee Describes High Pressure Sales-Like Atmosphere After Company Acquired Call Center from Humana

Signify Health (SGFY), a vendor to Medicare Advantage plans that provides in-home risk assessment visits for plan members, operates competitive, high-pressure, sales-like call centers where agents are constantly pushed to beat productivity metrics such as conversion rates, appointments...

Jan 21, 2022 Read Now >

Prince/Ferro: Merger Set to Win Phase I EC Approval

Prince International is poised to win Phase I EC approval for its $2.1 billion acquisition of specialty materials manufacturer Ferro Corporation (FOE) after offering remedies sufficient to address the agency’s overlap concerns, The Capitol Forum has learned. Prince on November 3...

Jan 20, 2022 Read Now >

Medtronic/Intersect ENT: Companies in Talks to Divest Intersect’s Navigation System, Balloon Dilation Businesses

Medtronic (MDT) and Intersect ENT (XENT) have begun shopping Intersect’s sinus navigation system and balloon dilation businesses in an effort to head off FTC competition concerns about their proposed $1.1 billion tie-up, sources familiar with the matter said. The companies are vetting...

Jan 19, 2022 Read Now >

Microsoft/Nuance: Big Tech, Health Care Questions Weigh on CMA Review

Microsoft’s (MSFT) proposed $19.7 billion acquisition of Nuance Communications (NUAN) is said to face at least two key headwinds at the UK’s Competition and Markets Authority (CMA): the complexity of assessing a high-profile deal involving one of the Big Tech giants and the...

Jan 19, 2022 Read Now >

CFIUS Extends Reach on Non-Notified Deals, as Biden Administration Seeks to Deepen National Security Scrutiny in 2022

The Committee on Foreign Investment in the United States (CFIUS) plans to open more investigations this year into transactions that haven’t been filed to the panel, posing a new regulatory roadblock for companies that may underestimate the national security implications of their deals....

Jan 19, 2022 Read Now >

Coordination Out Loud: Volume 8: Analysis of Public Statements from BMW and Daimler Executives in the Financial Times

Special Note: Coordination Out Loud is a series of articles that analyze select corporate transcripts through the lens of Joseph Harrington’s landmark paper, “Collusion in Plain Sight: Firms’ Use of Public Announcements to Restrain Competition.” The paper concludes that antitrust...

Jan 18, 2022 Read Now >

The Antitrust Agenda: Joint FTC, DOJ Press Conference on Merger Guidelines Request for Information; Kanter Slate of Hires Expected Soon; Senate Banking Chair Brown, Warren Prod Fed Nominees on Concentration

The Antitrust Agenda: Joint FTC, DOJ Press Conference on Merger Guidelines Request for Information; Kanter Slate of Hires Expected Soon; Senate Banking Chair Brown, Warren Prod Fed Nominees on Concentration Kanter and Khan Joint Press Conference on Issuing Request for Information to...

Jan 18, 2022 Read Now >

The European Antitrust Agenda: Nvidia/Arm’s Slim UK Approval Chances; Google’s Showcase Probe Proposal; EC’s Block Of Shipbuilding Merger; End-game talks on EU’s DMA

Nvidia defends Arm deal. Nvidia’s (NVDA) response to the UK Competition and Markets Authority’s (CMA) in-depth probe of the company’s planned acquisition of British chip designer Arm Holdings articulates a defense that’s well within the mainstream of European antitrust law. Yet...

Jan 18, 2022 Read Now >

Konecranes/Cargotec: Companies Take Aim at CMA Provisional Findings But Continue to Face High UK Hurdle

Konecranes (HEL: KCR) and Cargotec (HEL: CGCBV) this week lambasted the Competition and Markets Authority’s (CMA) provisional findings that their proposed merger is anticompetitive, calling the UK antitrust watchdog’s view of the $5.3 billion deal “wrong as a matter of fact and...

Jan 13, 2022 Read Now >

Blue Ridge/FVCBankcorp: U.S. Regulators Investigate Blue Ridge for Lending Abuses, Casting Shadow Over Proposed Tie-up

Federal bank regulators are examining whether Blue Ridge Bank (BRBS) discriminated against minorities in its mortgage lending business, in an investigation that could stall or even upend the bank’s proposed merger with FVCBankcorp (FVCB), sources familiar with the probe said. Blue...

Jan 13, 2022 Read Now >

Suburban Propane and UGI Corp: Customers Complain of Price Gouging, Posing Regulatory Risk Amid State and Federal Calls to Examine Consumer Energy Costs

Residential customers of Suburban Propane (SPH) and UGI Corp. (UGI) subsidiary AmeriGas in 15 states described sharply rising propane prices as fall turned to winter, leading to significant duress in some customers’ everyday lives, according to a review of online complaints and...

Jan 11, 2022 Read Now >

The Antitrust Agenda: Bedoya Committee Vote Pushed to January 24; Khan Continues to Meet with Congressional Republicans; Biden Repeats Concerns Over Monopolies in Meat Processing, Shipping, Rail and Big Tech

Bedoya hearing pushed to January 24. Originally, the Senate Commerce Committee’s re-vote on the nomination of Alvaro Bedoya, President Joe Biden’s choice to fill the FTC’s third Democratic seat, was tentatively set for January 12. But, according to a source, the vote has now been...

Jan 10, 2022 Read Now >

The European Antitrust Agenda: Google’s Clout Targeted in Germany; Developments in Microsoft/Nuance, Veolia/Suez Mergers; Meta Appeals Giphy Prohibition

Germany targets Google’s market power. Google faces deeper antitrust scrutiny in Germany following a Bundeskartellamt decision last week that the search engine and its parent, Alphabet (GOOG), meet a threshold for new abuse controls meant to speed up investigations. Remedies imposed on...

Jan 10, 2022 Read Now >

Lumentum/NeoPhotonics: DOJ Probes Optical Transmission Tie-Up’s Effects on Existing, Potential Competition

DOJ staff is investigating whether Lumentum’s (LITE) proposed $918 million purchase of optical communications rival NeoPhotonics (NPTN) would eliminate existing or potential competition in markets for transceiver modules and the lasers that power them, industry sources said. Both...

Jan 10, 2022 Read Now >

Used Car Weekly: Average Age of Inventory Increases for Several Online Dealers

The average number of days that a used vehicle is spending in the inventory of several online car dealers has increased over the past month, according to a Capitol Forum analysis of those companies’ websites. CarMax (KMX), Vroom (VRM), and DriveTime all saw the average age of their...

Jan 10, 2022 Read Now >

Momentum Builds for FTC Rulemaking Banning Exclusionary Contracts

Antitrust advocates hoping the FTC will direct its rulemaking attention to banning exclusionary contracts by dominant firms have received encouraging signals in recent weeks. Most obviously, the FTC in a December 10 statement disclosing its 2022 regulatory priorities said it was...

Jan 06, 2022 Read Now >

Chegg: Student Use in 2021 Started Strong, But Return to In-Person Learning and Awareness of Cheating Potential Dampened Growth

A Capitol Forum analysis of student use of Chegg’s (CHGG) question and answer service in 2021 finds that the service enjoyed robust growth during the first half of the year. However, as schools returned to in-person learning and schools became more aware of the platform’s ability to...

Jan 06, 2022 Read Now >

InnovAge: Colorado Halts New Medicaid Enrollments, Following CMS’ Medicare Halt

The Colorado Department of Healthcare Policy and Financing informed InnovAge (INNV), the country’s largest provider of senior healthcare services under the government’s Program for All Inclusive Care for the Elderly, that it was halting new enrollments of Medicaid beneficiaries into...

Dec 23, 2021 Read Now >

Rentokil/Terminix: Company Annual Reports Foreshadow National Account Scrutiny

Pest control giant Terminix’s (TMX) statements in its 2018 and 2019 annual reports foreshadow what could be the key sticking point in the U.S. government’s antitrust review of the company’s proposed $6.7 billion acquisition by rival Rentokil Initial (RTO:LN). “Competition in...

Dec 22, 2021 Read Now >

SAMR, In Anti-Corruption Push, Double-Checks Case Handlers’ Work, Likely Delaying Merger and Conduct Reviews

China’s antitrust agency, under pressure from a government anti-corruption watchdog, is double-checking senior staff’s work and more generally increasing supervision of its workforce, which could lead to delays in merger and conduct reviews, attorneys said. On Tuesday, the chief...

Dec 22, 2021 Read Now >

InnovAge: CMS Halts Medicare Enrollment at All Colorado Facilities

Earlier today, the Centers for Medicare and Medicaid Services notified InnovAge (INNV), the largest provider of healthcare services under the government’s Program for All Inclusive Care for the Elderly, that, effective December 23, 2021, “CMS is suspending InnovAge CO’s enrollment...

Dec 22, 2021 Read Now >

U.S. Bank Regulators Seek to Police Cryptocurrency With Existing Powers, Officials Say

Federal officials concerned that the cryptocurrency industry needs urgent oversight are developing plans to let banking regulators use their existing powers to examine crypto companies when they partner with traditional banks, according to financial and regulatory sources familiar with...

Dec 17, 2021 Read Now >

Tim Wu Update on Alcohol Market Concerns Hints at Category Management as Potential Area of Interest

Tim Wu, a special assistant to the president for competition policy, at a recent town hall discussion organized by American Economic Liberties Project identified distribution and vertical integration in alcohol markets as problems that he hoped that an upcoming study and rulemaking from...

Dec 17, 2021 Read Now >

Oak Street Health: Former Clinical Staff Say Company Pressured Them to Diagnose Diseases with High Rates of Reimbursement

Former doctors, nurses, medical assistants, and medical coders at Oak Street Health (OSH), a provider of primary care for Medicare Advantage beneficiaries, tell The Capitol Forum that the company often pressured them to diagnose patients with certain medical conditions despite lacking...

Dec 16, 2021 Read Now >

Lockheed Martin/Aerojet Rocketdyne: FTC Staff Analyzes New Data Indicating Deal Could Harm Camden, Arkansas-Area Engineers

FTC staff is analyzing five years of job postings data from the Camden, Arkansas area indicating that Lockheed Martin’s (LMT) proposed $4.4 billion Aerojet Rocketdyne (AJRD) takeover could harm competition in the city’s labor market for engineers, sources familiar with the matter...

Dec 15, 2021 Read Now >

Facebook Ignores Pleas on Fair Lending Rules, Unnerving Financial Services Execs

Facebook parent Meta Platforms (FB) is refusing to guarantee that its advertising algorithms comply with U.S. rules on fair lending, leaving banks and other financial service providers worried that the social media giant could expose them to fines and hits to their reputations, executives...

Dec 10, 2021 Read Now >

AMD/Xilinx, GlobalWafers/Siltronic Reviews Could Serve as Signposts Indicating Chinese Antitrust Enforcement’s Future Direction

Advanced Micro Devices’ (AMD) proposed $35 billion Xilinx (XLNX) buyout and GlobalWafers’ (TPEX:6488) planned $5.3 billion Siltronic purchase (FRA:WAF) have attained a significance beyond the semiconductor industry as their antitrust reviews in China serve as signposts indicating...

Dec 10, 2021 Read Now >

AMD/Xilinx, GlobalWafers/Siltronic Reviews Could Serve as Signposts Indicating Chinese Antitrust Enforcement’s Future Direction

Advanced Micro Devices’ (AMD) proposed $35 billion Xilinx (XLNX) buyout and GlobalWafers’ (TPEX:6488) planned $5.3 billion Siltronic purchase (FRA:WAF) have attained a significance beyond the semiconductor industry as their antitrust reviews in China serve as signposts indicating...

Dec 10, 2021 Read Now >

Ride Sharing: Uber, Lyft Driver Incentive Programs Could Draw FTC Exclusive Dealing, Rulemaking, Scrutiny, Experts Say

Uber (UBER) and Lyft (LYFT) deploy a number of incentive programs to attract drivers. The companies call them bonuses, but some legal experts see the programs as a potential violation of antitrust law. The programs are designed to incentivize drivers to work exclusively for one app during...

Dec 03, 2021 Read Now >

The Antitrust Agenda: Khan Calendars; G7 Meeting Starts with a Bang as CMA Reportedly Set to Prohibit Facebook’s Acquisition of Giphy; New Yorker Profile Provides Insight into Khan’s Decision-Making Process

Meeting of G7 competition authorities starts with a bang. Before the heads of the G7 competition authorities kicked off their summit today in London to discuss ways to coordinate their approach to digital markets, the Financial Times broke the news that the CMA is set to prohibit...

Nov 29, 2021 Read Now >

The European Antitrust Agenda: Return of EC Cartel Fines; Defense Sector Raided; Veolia Proposes Suez Merger Concessions; Cargotec, Konecranes Get More Time for EC Remedies While Also Facing UK Concerns; Italy Halts Chinese Takeover; Facebook Offers Kustomer Undertakings

Cartel fines. Companies in breach of EU cartel rules have racked up fines totalling almost 1.4 billion euros ($1.58 billion) so far in 2021, according to updated statistics released last week by the European Commission. That compares to fines amounting to less than 300 million euros ($338...

Nov 29, 2021 Read Now >

Signify Health: Clinicians Raise Concerns About Adequacy of Follow-Up Care After In-Home Health Evaluations

Signify Health (SGFY)—a provider of in-home evaluations for individuals covered by Medicare Advantage, Managed Medicaid, and some Affordable Care Act health plans—emphasizes the increased quality of care its in-home evaluations help bring about. The company claims it helps individuals...

Nov 23, 2021 Read Now >

Oak Street Health: Company Events and Other Recruitment Tactics Likely Violate Medicare Inducement Guidelines

Earlier this month, Oak Street Health (OSH), a provider of primary health care services for Medicare Advantage participants, disclosed that it had received a civil investigative demand from the Department of Justice. The DOJ requested documents “related to the Company’s relationships...

Nov 22, 2021 Read Now >

Treasury’s TTB Prioritizes Deregulation, Excludes Public Health Analysis in Request for Information, Providing First Glimpse at Coming Fight with FTC and DOJ Over Industry Study

President Joe Biden’s July 9 executive order on promoting competition took the alcohol industry by surprise when it singled out beer, wine and spirits as a candidate for new rulemakings, industry sources said. The order calls for the Secretary for Treasury, “in consultation with...

Nov 20, 2021 Read Now >

Signify Health: Company Requires Clinicians to Perform PAD Test for Some Patients Even When Clinicians Don’t Think it is Medically Necessary; Experts Say Data Does Not Support Performing PAD Test on Asymptomatic Patients

When Signify Health, Inc. (SGFY) schedules health plan members for a peripheral artery disease (PAD) screening test during an in-home health evaluation, clinicians are required to perform the test for patients who are covered by certain health plans even if they determine it is not...

Nov 18, 2021 Read Now >

AMD/Xilinx: Deal’s Prospects Receive Boost From MIIT, Major Customer Support

Advanced Micro Devices’ (AMD) bid for rival chipmaker Xilinx (XLNX) received a boost recently when China’s primary tech regulator and some of the companies’ major corporate customers in the country signaled their support for the proposed $35 billion merger, sources familiar with the...

Nov 12, 2021 Read Now >

InnovAge: CMS Currently Auditing Albuquerque Center; California Suspends Medicaid Enrollments at Troubled Sacramento Center

InnovAge (INNV), the country’s largest provider of senior health services under the government Program for All Inclusive Care for the Elderly (PACE), has been under audit by Centers for Medicare and Medicaid Services as well as state agencies in both California and Colorado for the last...

Nov 11, 2021 Read Now >

Signify Health: Potential for Risk Score Gaming is Receiving Increased Regulatory Attention; Some Signify Telemarketers Appear to Use Aggressive Practices to Book Health Evaluations for Medicare Advantage Members; Clinicians Detail Concerns with Evaluation Process

Some patients, clinicians, and two former call center employees say some telemarketers for Signify Health Inc (SGFY), a provider of in-home health evaluations (IHEs), engage in aggressive—and, in some cases, misleading—practices to book home visits for seniors enrolled in Medicare...

Nov 10, 2021 Read Now >

UnitedHealth Group/Change Healthcare: DOJ Staff Probes Clearinghouse Claims Data’s Value, Uniqueness

After expressing concern that UnitedHealth Group (UNH) through its proposed $7.8 billion acquisition of Change Healthcare (CHNG) could unfairly gain access to health insurance rivals’ sought-after claims information, DOJ staff attorneys are posing a surprising question: How special is...

Nov 03, 2021 Read Now >

Bloom Energy: CPUC Proposed Decision Denies Company Bid for Microgrid Incentives During Grid Outages, Opting for Utilities’ Plans

On Friday, the California Public Utilities Commission (CPUC) preliminarily denied a Bloom Energy (BE) proposal to create a microgrid capacity services tariff to provide electricity to the grid during outages. Under its proposal previously reported on by The Capitol Forum, Bloom requested...

Nov 01, 2021 Read Now >

EQT: Aspects of Company’s Well Inventory Appear to Violate State Regulations; State-Mandated Plugging in Pennsylvania Mounts; Roughly $85 Million in Liabilities in Kentucky May Belong to EQT, According to The Capitol Forum Investigation

EQT Corp. (EQT), the nation’s largest natural gas producer, owns a higher proportion and count of non-producing wells in the Appalachian Basin than its publicly traded peers, according to a Capitol Forum investigation. Of EQT’s more than 3,600 inactive wells that must be either...

Oct 27, 2021 Read Now >

Great American Outdoors/Sportsman’s Warehouse: FTC, State AGs Express Significant Concerns With Retailer Tie-up

The FTC and state attorneys general have expressed significant concerns to Great American Outdoors Group and Sportsman’s Warehouse (SPWH) representatives that the retailers’ proposed $785 million merger would harm competition in multiple states, sources familiar with the matter said....

Oct 27, 2021 Read Now >

Coordination Out Loud: Volume 7: Analysis of Public Statements from Johnson Controls CFO at Morgan Stanley Conference

Special Note: Coordination Out Loud is a series of articles that analyze select corporate transcripts through the lens of Joseph Harrington’s landmark paper, “Collusion in Plain Sight: Firms’ Use of Public Announcements to Restrain Competition.” The paper concludes that antitrust...

Oct 20, 2021 Read Now >

Bloom Energy: Company Faces Risk to Incentives in South Korea; Joint Venture Partner Makes Big Bet on Hydrogen Competitor

Fuel cell manufacturer Bloom Energy (BE) faces a phase out of incentives it currently receives under The Republic of Korea’s Renewable Portfolio Standard (RPS) for its natural gas-powered fuel cells as the country moves towards a Hydrogen Portfolio Standard (HPS), sources familiar with...

Oct 19, 2021 Read Now >

Qualcomm/SSW Partners/Veoneer: Jurisdictional, Substantive Questions Loom Over Autonomous Driving Tech Proposal

A $4.5 billion bid from Qualcomm (QCOM) and investment firm SSW Partners to acquire Swedish auto tech company Veoneer (VNE) raises a host of jurisdictional and substantive issues that together create timing and outcome questions around the deal, industry sources said. SSW Partners through...

Oct 18, 2021 Read Now >

S&P Global, Nvidia, Microsoft Reviews to Provide Insight Into EC, CMA Regulatory Approaches

European Commission and UK Competition and Markets Authority case handlers are grappling with parallel merger investigations into S&P Global’s (SPGI) acquisition of fellow financial data provider IHS Markit (INFO), Nvidia’s (NVDA) purchase of British chip designer Arm Holdings and...

Oct 13, 2021 Read Now >

DoorDash: Earnings Claims Have the Potential to Mislead and Company Should Add Additional Disclosures, Experts Say

Online food ordering and food delivery platform DoorDash (DASH) advertises jobs on Facebook, Google and other third-party platforms, telling prospective DoorDash drivers that they can earn “up to” between $22 to $33 an hour, according to job postings The Capitol Forum reviewed. The...

Oct 12, 2021 Read Now >

Fintech: U.S. Bank Regulators Will Shun Fintech Charters Under Biden

U.S. regulators are likely to rebuff the kinds of fintech bank charters that the Trump administration had embraced meaning new online lenders must find another way to get a toehold in the traditional lending market, according to industry and regulatory sources familiar with the...

Oct 10, 2021 Read Now >

Higher Education Policy: FTC Resurrects Penalty Offense Authority Concerning Deceptive or Unfair Conduct in the Education Marketplace

Earlier today, the Federal Trade Commission announced that it was resurrecting its Penalty Offense Authority under Section 5 of the FTC Act to put for-profit higher education institutions on notice that the agency would “hit violators with significant financial penalties” of up to...

Oct 06, 2021 Read Now >

U.S. Regulator Set to Reject Bank Charter Bid From UK Fintech Firm Monzo

A U.S. bank regulator plans to reject a bank charter application from Monzo, an online UK-based lender, according to sources with direct knowledge of the matter. The decision by the Office of the Comptroller of the Currency (OCC) is confidential and isn’t expected to be disclosed for...

Sep 30, 2021 Read Now >

Glaukos: CMS Advisory Panel’s Recommendation Raising ASC Reimbursement Likely to Be Adopted, According to Experts

In a unanimous decision last month, a federal advisory panel voted to recommend that the Centers for Medicare and Medicaid Studies (CMS) raise the reimbursement rate that ambulatory surgical centers would receive for surgeries that insert stents into the eye of glaucoma patients to drain...

Sep 23, 2021 Read Now >

Credit Acceptance Corporation: Company Required to Alter Some Business Practices in State; Settlement Could Serve as Template for Other Investigations

Months after announcing an agreement in principle, the Massachusetts Attorney General and Credit Acceptance Corporation (CACC) settled the Attorney General’s lawsuit regarding the company’s business practices in Massachusetts. The company has agreed to pay $27.2 million to an...

Sep 21, 2021 Read Now >

S&P Global/IHS Markit: Companies Don’t Anticipate Additional Behavioral, Structural Remedies

S&P Global (SPGI) and IHS Markit (INFO) don’t anticipate offering remedies beyond the divestiture of businesses they’ve already proposed selling to News Corp. (NWSA) to secure competition approvals for their $44 billion transaction, The Capitol Forum has learned. The companies...

Sep 16, 2021 Read Now >

Eargo: Blue Cross Blue Shield Federal Employee Insurance Plans Do Not Appear to Cover Eargo Devices

Ahead of last year’s federal benefits open enrollment, Blue Cross Blue Shield Federal Employee Program (BCBS FEP) the largest provider of benefits to federal employees, added clarifying language to its policy brochure to reiterate that it does not cover over-the-counter hearing aids. A...

Sep 16, 2021 Read Now >

Glaukos: Doctors Expect CMS to Raise 2022 Reimbursement Rate for Minimally Invasive Glaucoma Surgery, Citing Likely Decrease in Access to Procedure from Proposed Rate

This article has been updated to include a comment from CMS and to clarify the commenting period for each proposal. When the Centers for Medicare and Medicaid released its proposed 2022 reimbursement rates for medical procedures, ophthalmologists around the country were surprised to find...

Sep 15, 2021 Read Now >

APA Corp.: Entity Operating APA Legacy Assets Appears to Overstate Revenues and Understate Retirement Costs, Investigation Shows; Securities May Not Shield APA from Liabilities

The entity created in a bankruptcy reorganization to operate and fund the retirement of APA Corp’s (APA) legacy assets in the Gulf of Mexico may face more than $400 million in revenue shortfalls from lower-than-forecast production by 2025, according to The Capitol Forum’s...

Sep 14, 2021 Read Now >

Alibaba, JD.com Agree to Settle Antitrust Suit as Regulators Deepen Crackdown on Internet Platforms

China’s two biggest e-commerce websites have agreed to settle a closely watched lawsuit in which JD.com (JD) accused Alibaba Group Holding (BABA) of engaging in monopolistic behavior and abusing its market dominance, sources familiar with the matter said. A settlement in the “great...

Sep 14, 2021 Read Now >

S&P Global/IHS Markit: DOJ Staff Leans Toward Recommending Clearance With Divestiture

DOJ staff is leaning toward recommending that department leadership clear S&P Global’s (SPGI) $44 billion bid for IHS Markit (INFO) now that the financial data service companies have lined up News Corp. (NWSA) as the divestiture buyer for IHS Markit’s energy pricing service,...

Sep 13, 2021 Read Now >

Visa: DOJ Targets Company’s Security, Tokenization Tactics in Ongoing Antitrust Probe

DOJ’s antitrust division is probing whether Visa (V) is pushing anti-fraud tools that help the company maintain its dominance in the online debit marketplace, sources familiar with the investigation said. Online shopping fraud has steadily climbed in recent years with losses on debit...

Sep 13, 2021 Read Now >

InnovAge: Citing CMS Audit, Company Management Notifies Staff of At Least a Dozen Areas in Need of Improvement

On an internal staff call earlier today, InnovAge (INNV) management notified doctors and nurses of at least a dozen areas of improvement in its Colorado operations, citing issues found in the Centers for Medicare and Medicaid audit of the company’s Colorado operations. InnovAge, which...

Sep 10, 2021 Read Now >

Higher Education Policy: Education Department Adopts Broad Interpretation of Closed School Discharge Regulations, Potentially Exposing Companies to Additional Liability

Several for-profit higher education companies that have closed schools in the past decade could face higher closed school discharge obligations after Education Secretary Miguel Cardona exercised his authority to extend the closed school discharge period for former ITT Technical Institute...

Sep 02, 2021 Read Now >

Penumbra: Data Shared with FDA in Early June Showed Increase in Jet 7 Injuries and Deaths Attributed to Contrast Injection, But Company Did Not Warn Doctors Until Late July

On May 27, 2020, the Food and Drug Administration wrote to Penumbra (PEN) that it was “evaluating a potential post-market safety concern associated with use of the Penumbra JET 7 and 7X Reperfusion Catheters,” which are used to clear blood clots in the brains of stroke patients....

Aug 30, 2021 Read Now >

Amazon, Walmart in the Line of Fire as Biden Appointees Dust Off Robinson-Patman Act

Amazon (AMZN), Walmart (WMT) and other megaretailers could face renewed antitrust scrutiny and lawsuits under quiet moves by the Biden administration to resuscitate a Depression-era law meant to prevent large corporate buyers from purchasing goods at cheaper prices than smaller rivals...

Aug 24, 2021 Read Now >

Penumbra: Emails with FDA Raise Questions About CEO’s Public Statements Regarding Adequacy of Warning to Doctors

Emails between the Food and Drug Administration and Penumbra (PEN) last year show that the government had concerns regarding how the company was informing doctors of the risks related to the use of its Jet 7 Xtra Flex catheter, which at that point had been involved in the death of at...

Aug 23, 2021 Read Now >

Perdoceo Education Corporation: Company Notified of Education Department Fact-Finding Process into “Several Thousand” Borrower Defense Claims; Could Face Liability for Discharged Loans

On May 11, 2021, the Department of Education informed Perdoceo Education Corporation (PRDO) CEO Todd Nelson that it had several thousand borrower defense applications against the company’s schools alleging “misrepresentations concerning transferability of credits, accreditation, job...

Aug 05, 2021 Read Now >

Natera: Experts Raise Concerns About Size of Prompt Pay Discounts and Company Billing Practices

Genetic testing company Natera (NTRA) allows expecting parents to pay a “prompt payment discount” for its Panorama prenatal test, often discounting the price from $795 or more to $249 if the customers pay within 30 days of receiving the bill. That roughly 70% discount, however, likely...

Aug 05, 2021 Read Now >

Eargo: Advertised 0% Financing Through Ally is Likely Misleading, According to Consumer Finance Experts; Customers Say Company Does Not Honor 45-Day Risk Free Trials

Eargo (EAR), a manufacturer of completely-in-canal (CIC) hearing aids, promises customers a 45-day risk-free trial period as well as offering up to 0% interest financing for its hearing aids. A Capitol Forum investigation, however, finds that the company regularly fails to honor the trial...

Jul 30, 2021 Read Now >

Bloom Energy: Regulatory Headwinds in Multiple East Coast States Likely to Hinder Company’s Ability to Participate in Certain Incentive Programs, Raising Concerns About Growth Plans Outside of California

In four of the nine East Coast states in which Bloom Energy (BE) operates, the company faces hurdles to participate in state-funded incentive programs designed to encourage renewable energy development, as states favor greener alternatives and have established other parameters that Bloom...

Jul 28, 2021 Read Now >

Salesforce/Slack: DOJ Poised To Clear Transaction By End Of Month

DOJ is poised to clear Salesforce’s (CRM) proposed $27.7 billion acquisition of Slack (WORK) by the end of this month, sources familiar with the matter said. After an in-depth review in which the department demanded extensive business records from the merging parties and sent to...

Jul 15, 2021 Read Now >

Horizontal Concerns Take Center Stage as EC Begins New In-Depth Merger Probes

The European Commission recently launched two in-depth probes into mergers involving the proposed combination of direct competitors, ticking the most common box for heightened regulatory scrutiny in Brussels. But in the months ahead, a vertical deal is set to join those proposed tie-ups...

Jul 14, 2021 Read Now >

Higher Education Policy: Education Department Shifts Borrower Defense Application Reviews to Open Institutions; Will Consider Evidence from Other Regulators and Lawsuits

The office of Federal Student Aid (FSA) at the Department of Education recently shifted resources to focus on borrower defense to repayment claims made against open institutions, according to a spokesperson for the Department. The borrower defense applications have been submitted by...

Jul 09, 2021 Read Now >

As DOJ Investigates Taboola and Outbrain for Possible Labor Antitrust Violations, Former Company Employees Describe Very Little Worker Movement Between the Two Close Ad-Tech Rivals

Recently, Taboola (TBLA) said in an SEC filing that the company and the ad-tech industry were the subject of a DOJ criminal labor antitrust investigation. On Tuesday, Outbrain—Taboola’s closest rival, which is planning to go public—said in an SEC filing the department’s antitrust...

Jul 01, 2021 Read Now >

Higher Education Policy: Education Department Investigating Borrower Defense Claims Amid Push to Process Claim Backlog, Expand Grounds for Approval, and Discharge Loans; Schools Likely to be Held Liable for Cancelled Loans, Experts Say

The Department of Education is adjudicating borrower defense to repayment claims submitted by former students of Zovio Inc (ZVO), Strategic Education Inc (STRA), and Lincoln Educational Services Corp (LINC). Individuals whose borrower defense applications are approved will be granted...

Jun 24, 2021 Read Now >

Aon/Willis Towers Watson: DOJ Draws Public Interest-Minded Judge in Suit to Block Broking, Benefits Tie-Up

DOJ’s suit to block Aon’s (AON) purchase of rival insurance broking giant Willis Towers Watson (WLTW) won a potentially sympathetic ear last week when D.C. District Court Judge Reggie Walton was assigned to oversee the case against the $30 billion merger, attorneys familiar with the...

Jun 21, 2021 Read Now >

Aon/Willis Towers Watson: DOJ Staff, Companies At Odds Over Deal’s Impact on Multinational Customers

This article has been updated to include the companies and DOJ’s arguments supporting their positions. DOJ staff informed Aon (AON) and Willis Towers Watson (WLTW) representatives at a meeting last week that the companies’ remedy offer doesn’t sufficiently address the...

Jun 15, 2021 Read Now >

Aon/Willis Towers Watson: Brokerage Expands Litigator Wall’s Role in Talks with DOJ

Aon (AON) has expanded a prominent trial lawyer’s role in engaging with DOJ on its proposed $30 billion Willis Tower Watson (WLTW) buyout, indicating the insurance brokerage is preparing for litigation even as it participates in settlement talks with the department, sources familiar...

Jun 10, 2021 Read Now >

InnovAge: Company to Undergo Rare Focused Audit; Penalties Can Vary Depending on the Severity of the Findings

Regulators will conduct a focused audit of InnovAge’s (INNV) programs in Colorado later this month, according to a source familiar with the matter, with auditors investigating the quality and timeliness of care that InnovAge provides. The new audit comes after regulators in California...

Jun 10, 2021 Read Now >

Facebook/Giphy: UK, EC Dial Up Antitrust Scrutiny as Giphy Acquisition Hangs By a Thread

The UK’s competition watchdog last week intensified scrutiny of Facebook’s (FB) dominance in digital advertising, further complicating the authority’s ongoing review of the social network giant’s completed acquisition of Giphy. The Competition and Market Authority antitrust...

Jun 08, 2021 Read Now >

Meituan: Antitrust Agency Close to Wrapping Up Probe’s Initial Phase; Significant Penalties Seen

China’s antitrust authority is close to wrapping up the initial phase of its probe into online food-delivery giant Meituan (3690: HK), sources familiar with the matter said. The State Administration for Market Regulation (SAMR) on April 26 launched its investigation into the Hong...

Jun 04, 2021 Read Now >

Aon/Willis Towers Watson: Brokerage’s Health Benefits Divestiture Plan Elicits Poker-Faced DOJ Response

Aon (AON) has proposed to DOJ staff an offer to divest two pieces of its health benefits business to address the department’s antitrust concerns with the insurance brokerage’s planned $30 billion buyout of rival Willis Towers Watson (WLTW), sources familiar with the matter said. But...

Jun 03, 2021 Read Now >

Aon/Willis Towers Watson: Brokerage to Divest Retirement Consulting, Exchange Businesses

Aon (AON) in a statement today said it would divest for $1.4 billion its U.S. retirement consulting and retiree health exchange businesses to two separate buyers, responding to DOJ antitrust concerns about the insurance brokerage’s proposed $30 billion buyout of rival Willis Towers...

Jun 03, 2021 Read Now >

Aon/Willis Towers Watson: Brokerage’s Health Benefits Divestiture Plan Elicits Poker-Faced DOJ Response

Aon (AON) has proposed to DOJ staff an offer to divest two pieces of its health benefits business to address the department’s antitrust concerns with the insurance brokerage’s planned $30 billion buyout of rival Willis Towers Watson (WLTW), sources familiar with the matter said. But...

Jun 03, 2021 Read Now >

Aon/Willis Towers Watson: DOJ Considers Proposed Remedy While Stepping up Trial Preparation

As DOJ’s review of Aon’s (AON) proposed Willis Towers Watson (WLTW) buyout enters its late stages, the department is pursuing a dual-track strategy, engaging in settlement talks with the insurance brokerages while stepping up trial preparations in case it decides to challenge the $30...

Jun 01, 2021 Read Now >

InnovAge: Colorado Regulators Conduct Surprise Audit of PACE Facilities in Coordination with CMS; Sacramento Facility Also Under Scrutiny

Yesterday, Colorado state regulators in coordination with the Centers for Medicare and Medicaid Services initiated a surprise audit of InnovAge (INNV) facilities in the state. InnovAge’s facility in Sacramento, California also received a surprise visit by regulators. InnovAge is the...

May 27, 2021 Read Now >

Credit Acceptance Corporation: No Final Resolution of Massachusetts Litigation as Company Gets Extension to Answer Complaint

Yesterday, the Commonwealth of Massachusetts and Credit Acceptance Corporation (CACC) entered into a stipulation granting the company until June 3 to file and serve an answer to the Massachusetts Attorney General’s complaint marking the fifth extension granted to the company. It is...

May 20, 2021 Read Now >

Rekor Systems: Legislation to Establish an Uninsured Vehicle Enforcement Program in Tennessee Moved to Next Session; Oklahoma Intends to Renew Contract

A bill in the Tennessee legislature that would establish a program to identify uninsured motor vehicles will not be reintroduced until the 2022 legislative session, dealing a blow to Rekor Systems (REKR), which hopes to contract with the state for the new program. The bill is currently...

May 19, 2021 Read Now >

Aon/Willis Towers Watson: Divestitures’ Impact Divides Deal Critics as DOJ Weighs Proposal

Opponents of Aon’s (AON) proposed Willis Towers Watson (WLTW) acquisition and other industry participants are divided over whether the insurance brokerages’ divestiture plan would address enforcers’ antitrust concerns with the $30 billion deal, sources familiar with the matter said....

May 13, 2021 Read Now >

InnovAge: Current and Former Employees Say Company’s Understaffing of Facilities and Lack of Providers is Resulting in Months and Years of Delayed Care for Elderly Patients

Six current and recent employees of InnovAge (INNV), the country’s largest provider of senior healthcare under the government’s Program for All-Inclusive Care for the Elderly (PACE), tell The Capitol Forum that the company is enrolling patients into its program at a rate that far...

May 10, 2021 Read Now >

Aon/Willis Towers Watson: EC Said Set to Approve Remedies, With Vestager On Board

The European Commission is set to approve remedies proposed by Aon (AON) to secure regulatory approval for the company’s $30 billion acquisition of rival Willis Towers Watson (WLTW), The Capitol Forum has learned. EU competition chief Margrethe Vestager is said to be on board with the...

May 07, 2021 Read Now >

Rekor Systems: Bill for Uninsured Motorist Program Unlikely to Advance in Texas; Similar Bill Dead in Florida

A bill to establish a traffic camera program to track uninsured motorists in Texas will likely not make it out of committee in the state legislature before an important May 10 deadline, according to a political activist familiar with Texas legislative issues. A similar piece of...

May 07, 2021 Read Now >

Credit Acceptance Corporation: No Final Resolution Yet in Massachusetts Litigation; Resolution Will Likely Require Company to Agree to Terms Governing its Conduct in the State Going Forward

On April 29, Credit Acceptance Corporation (CACC) said that it had reached an agreement in principle to settle its pending litigation with Massachusetts and as a result it recognized a contingent loss of $27.2 million in Q1 2021. Some observers have interpreted Credit Acceptance’s...

May 03, 2021 Read Now >

Diversified Gas and Oil: Analysis of The Capitol Forum Production Database Raises Questions Surrounding Certain Wells Brought Back to Production and Company’s Consent Order with Pennsylvania

In Pennsylvania, Diversified Gas and Oil (LON: DGOC) brought 482 non-producing wells online in 2019, 268 of which reported exactly the threshold level of production that exempts the company from a tighter retirement schedule—100 thousand cubic feet (mcf) of natural gas—pursuant to its...

Apr 21, 2021 Read Now >

iRhythm: Novitas Revises Fee Schedule, ECG Monitoring and Analysis Payment Increases by Roughly 250% but Remains Significantly Lower than Previous Rates

Earlier this morning, Medicare Administrative Contractor Novitas released an update to its 2021 fee schedule, increasing the rate for electrocardiographic monitoring (ECG) and analysis by roughly 250% and making the new prices retroactive to January 1. The new rate, however, is still...

Apr 10, 2021 Read Now >

Natera: Company Under Investigation in Georgia for Potentially Overcharging Medicaid Program

Genetic testing company Natera, Inc (NTRA) is under investigation by the Georgia Department of Community Health for potentially overbilling the state’s Medicaid program, according to a source familiar with the matter. The opening of the investigation comes after a Capitol Forum report...

Apr 06, 2021 Read Now >

Siemens Healthineers/Varian: Medical Device Tie-up Nears Chinese Antitrust Approval

German medical device maker Siemens Healthineers (ETR: SHL) is close to securing approval from China’s antitrust authority for its proposed $16.4 billion acquisition of U.S. radiation oncology giant Varian Medical Systems (VAR), sources familiar with the matter said. Approval from the...

Mar 31, 2021 Read Now >

InnovAge: Regulators, Former Employees Raise Quality of Care Concerns at Company’s PACE Facilities

As InnovAge (INNV), the country’s largest for-profit provider of senior day care and health services under the Medicare and Medicaid PACE program, seeks to expand nationally, former employees, regulators, and families of patients are raising concerns about the company’s business...

Mar 29, 2021 Read Now >

Credit Acceptance Corporation: Consumer Allegations of Inaccuracies in Loan Contracts, Improper Repossessions Raise Questions Regarding Accuracy of Company’s Securitization Disclosures

As part of its ongoing investigation into Credit Acceptance Corporation (CACC), the New York Attorney General notified the company in November that it is considering bringing claims under the New York Martin Act in connection with the company’s origination and securitization practices,...

Mar 17, 2021 Read Now >

Salesforce/Slack: Company Still Aims to Bypass CMA Probe Despite Deeper U.S. Review

Salesforce (CRM) is said to remain confident of avoiding a UK Competition and Markets Authority probe into its planned $27.7 billion acquisition of messaging platform Slack (WORK) despite the U.S. DOJ’s recent decision to open an in-depth, second request review into the transaction. The...

Mar 03, 2021 Read Now >

Salesforce/Slack: Company Still Aims to Bypass CMA Probe Despite Deeper U.S. Review

Salesforce (CRM) is said to remain confident of avoiding a UK Competition and Markets Authority probe into its planned $27.7 billion acquisition of messaging platform Slack (WORK) despite the U.S. DOJ’s recent decision to open an in-depth, second request review into the transaction. The...

Mar 03, 2021 Read Now >

Natera: Use of Lucrative CPT Code Could Draw Scrutiny from Georgia Regulators

Over the course of two years, genetic testing company Natera (NTRA) billed Georgia’s state Medicaid program more than 6,700 times for one expensive and complex test for rare genetic disorders, receiving over $4.2 million dollars from the state and its managed care organizations. A...

Feb 09, 2021 Read Now >

TransDigm: DoD OIG, GAO Reports Due in Early Spring with Other Reports Pending; Findings Could Draw Renewed Congressional Scrutiny to Company

Several upcoming federal reports and investigations into aerospace parts supplier TransDigm (TDG) as well as investigations into government contracting practices more broadly could increase focus on the company as Congress sits down to negotiate the FY 2022 National Defense Authorization...

Feb 05, 2021 Read Now >

Natera: Kentucky Attorney General Investigating Billing Practices, Currently Assessing Potential Damages to State Medicaid Program

The Kentucky Attorney General is currently investigating Natera’s (NTRA) billing practices with the state’s Medicaid program, according to that office’s response to a records request and a source familiar with the matter. The Capitol Forum had requested any documents related to...

Jan 13, 2021 Read Now >

iRhythm: CMS Declines New Pricing for ECG Monitoring, Maintains Status Quo Pricing

The Center for Medicare and Medicaid Studies has declined to approve a new, higher reimbursement rate for electrocardiographic monitoring, according to the 2021 Physician Fee Schedule published today. Instead, CMS is retaining the de facto pricing for ECG monitoring negotiated between...

Dec 01, 2020 Read Now >

iRhythm: Publication of Final Physician Fee Schedule Likely on December 1 or 2 Despite Existing Delay

The Center for Medicare and Medicaid Services (CMS) will likely not publish the final Physician Fee Schedule until December 1 or 2, according to a source familiar with CMS processes. The agency is currently reviewing its proposed Physician Fee Schedule for 2021, which sets reimbursement...

Nov 13, 2020 Read Now >

Penumbra: Jet 7 Device Continues to Malfunction During Routine Use, According to MAUDE Data

Data submitted to the FDA’s device malfunction database, known as MAUDE, over the past three months indicates that Penumbra’s (PEN) Jet 7 catheter continues to break under routine use, even after the company’s July 27 letter to physicians. Penumbra’s July 27 letter warned...

Nov 05, 2020 Read Now >

Penumbra: Jet 7 Device Continues to Malfunction During Routine Use, According to MAUDE Data

Data submitted to the FDA’s device malfunction database, known as MAUDE, over the past three months indicates that Penumbra’s (PEN) Jet 7 catheter continues to break under routine use, even after the company’s July 27 letter to physicians. Penumbra’s July 27 letter warned...

Nov 05, 2020 Read Now >

iRhythm: Commenters Provide Invoices and Analysis to CMS Arguing for Lowered ECG Reimbursement; Final Decision Likely After November 1

On August 4, the Centers for Medicare and Medicaid Services released its annual update to the Physician Fee Schedule (PFS), which establishes reimbursement rates for services covered under the federal health plans. The proposed 2021 rates include new Category I reimbursement codes for...

Oct 23, 2020 Read Now >

Penumbra: Doctors Publish Case Studies on Jet 7 Malfunctions to Highlight Risk to Peers, With More Studies Coming

Yesterday, three doctors in Singapore published an article in the American Journal of Neuroradiology detailing two device malfunctions involving Penumbra’s (PEN) Jet 7 catheter titled “Can a Stent Retriever Damage the JET 7 Reperfusion Catheter?” The Capitol Forum has previously...

Oct 16, 2020 Read Now >

Penumbra: Majority of Jet 7 Malfunctions Unrelated to Contrast Injection, According to FDA Database

In response to an increase in injuries and deaths involving Penumbra’s (PEN) Jet 7 XTRA FLEX catheter, the company sent a letter to doctors cautioning them against injecting contrast media, used to map the arteries of the brain during blood clot removal procedures, through the catheter....

Sep 04, 2020 Read Now >

Benefytt Technologies Inc: Total Insurance Brokers Took Steps to Manipulate Exam Scores to Ensure Brokers Were Certified to Sell Medicare Products During 2019 Annual Enrollment Period, According to Sources

Ahead of the 2019 annual enrollment period, Total Insurance Brokers (TIB) employed various strategies to manipulate test scores to ensure that its brokers obtained a passing score on the America’s Health Insurance Plans (AHIP) Medicare examination, according to a Capitol Forum...

Jun 11, 2020 Read Now >

AbbVie/Allergan: Commission Set to Vote to Clear Biopharma Tie-up

The Federal Trade Commission is set to vote to accept a consent order clearing the way for AbbVie (ABBV) to close its $63 billion acquisition of biopharma giant Allergan (AGN), sources familiar with the matter said. The final commission vote is expected within the next few days, the...

May 01, 2020 Read Now >

AbbVie/Allergan: Settlement Package Secures Front Office Sign-Off, Moves to Commission Level

An FTC settlement package that would clear the way for AbbVie (ABBV) to close its $63 billion acquisition of biopharma giant Allergan (AGN) has won a positive recommendation from Bureau of Competition Director Ian Conner and is now at the commission level awaiting a vote, sources familiar...

Apr 03, 2020 Read Now >

AbbVie/Allergan: Unions, Consumer Groups Seek Strengthened Consent Order in Letter to FTC Chairman

A coalition of consumer groups and unions today wrote Federal Trade Commission Chairman Joe Simons requesting that the commission secure additional behavioral relief before voting out a consent order clearing AbbVie’s (ABBV) $63 billion acquisition of biopharma giant Allergan (AGN). In...

Apr 03, 2020 Read Now >

Illumina/Pacific Biosciences: FTC Commissioners Plan Vote Today on Whether to Sue to Block Deal

FTC commissioners today plan to vote on whether to sue to block Illumina’s (ILMN) proposed $1.2 billion acquisition of Pacific Biosciences (PACB), a source familiar with the matter said. The companies’ representatives met last week with individual commissioners to make their case but...

Dec 17, 2019 Read Now >

Roche/Spark: FTC Decision Awaits As Commissioners Go Silent on Questions

FTC commissioners have no more questions for Roche (SWX: ROG) or Spark Therapeutics (ONCE) regarding their proposed $4.3 billion tie-up as anticipation builds about the agency’s pending decision, sources familiar with the matter said. Typically, the lack of commissioner questions...

Dec 16, 2019 Read Now >

Illumina/Pacific Biosciences: FTC Prepares to File Suit Next Month in Administrative Court to Block Deal

The FTC is preparing to sue next month in its administrative court to block Illumina’s (lLMN) proposed $1.2 billion acquisition of Pacific Biosciences (PACB), sources familiar with the matter said. For some time agency staff has been building a case, deposing third parties and lining up...

Nov 06, 2019 Read Now >

Roche/Spark: FTC Commissioners Set to Vote as Soon as This Week on Pharmaceutical Deal

FTC commissioners are set to vote as soon as this week on Roche’s (SWX: ROG) proposed $4.3 billion Spark Therapeutics (ONCE) acquisition, sources familiar with the matter said. The vote would occur several weeks after agency staff recommended the commission clear the deal...

Nov 05, 2019 Read Now >

Roche/Spark: FTC Staff Recommends Deal’s Unconditional Clearance

FTC staff reviewing Roche’s (SWX: ROG) proposed Spark Therapeutics (ONCE) acquisition have recommended the $4.3 billion deal be cleared unconditionally, sources familiar with the matter said. The staff reached the conclusion after an in-depth investigation that included issuing civil...

Oct 24, 2019 Read Now >

Illumina/Pacific Biosciences: Skeptical FTC Staff Deposes Third Parties, Lines Up Trial Witnesses for Potential Section 2 Suit

As the FTC’s review of Illumina’s (ILMN) proposed $1.2 billion Pacific Biosciences (PACB) acquisition enters its late stages, agency staff has deposed third parties and lined up potential witnesses for trial, indicating the gene-sequencing firms haven’t convinced staff that their...

Sep 24, 2019 Read Now >

Roche/Spark: UK CMA Inquiry Creates Potential Timing, Venue Challenges

The UK Competition and Markets Authority’s (CMA) June move to start an inquiry into Roche’s (SWX: ROG) $4.3 billion acquisition of Spark (ONCE) not only creates a new competition hurdle to the deal’s close, but could also bolster the U.S. FTC’s ability to take a tough line on...

Aug 14, 2019 Read Now >

TransDigm: New OIG Audit Could Reveal Excessive Profits and Uncover Practices That Have Already Drawn Congressional and DOD Scrutiny

The Department of Defense Office of Inspector General’s new audit of TransDigm (TDG) could find that the company earned excessive profits and uncover contracting practices that have previously drawn scrutiny and the ire of both members of Congress and the Department of Defense,...

Jul 15, 2019 Read Now >

Bayer/Monsanto: Complex Fix Demonstrates DOJ Commitment to Structural Remedies, but Creates Some Tension With Anti-Regulation Philosophy

In conditionally clearing Bayer’s $66 billion acquisition of agrochemical rival Monsanto, DOJ endorsed a settlement that deviates somewhat from its commitment to accept only straightforward and self-executing structural remedies. But in addressing the proposed deal, antitrust division...

Jun 01, 2018 Read Now >

Northrop Grumman/Orbital ATK: DOD Leans Toward Recommending Deal’s Conditional Approval

The Defense Department is leaning toward recommending Northrop Grumman’s proposed Orbital ATK acquisition be conditionally cleared by the Federal Trade Commission, sources familiar with the matter said. FTC staff is nearing the end of its antitrust review of the two defense...

May 02, 2018 Read Now >

Invitation Homes: Tenants Say Rental Homes Poorly Maintained, Violate Habitability Standards and Local Housing Codes, Company Deaf to Concerns

Company Update Tenants who lease houses from Invitation Homes, a leader in the single-family rental industry, are deceptively put into dwellings with maintenance issues, code violations and life-threatening safety risks, according to interviews with twenty current and former tenants and...

Mar 13, 2018 Read Now >

Bayer/Monsanto: EC Conditional Clearance Set for March 21, Negotiations with DOJ Continue

The European Commission (EC) is on track to conditionally clear the proposed Bayer/Monsanto merger on March 21, according to sources familiar with the matter. The date is sooner than many expected because the EC has until April 5 to decide. But European antitrust enforcers, in...

Mar 09, 2018 Read Now >

Health Insurance Innovations: A Closer Look at Call Centers; On 3 of 5 Calls, Third Party Call Centers for HII Made False and Misleading Statements About LifeShield Insurance Policies

Company Update In our continuing investigation into whether Health Insurance Innovations (HII) sales representatives have misled potential customers, The Capitol Forum placed a series of calls over the past two weeks to numbers associated with HII-contracted insurance producers. In...

Jan 23, 2018 Read Now >

Bayer/Monsanto: Bayer, BASF, DOJ Staff in End Stages of Negotiating Divestiture Deal

Bayer, BASF and DOJ staff are nearing the final stages of negotiating an agreement to ensure BASF will emerge as a strong No. 4 competitor in U.S. seeds and crop protection if the department clears the Bayer/Monsanto merger, sources familiar with the matter said. The staff plans to...

Jan 19, 2018 Read Now >

Health Insurance Innovations: Background of Third Party Sellers Raises Questions Around Rigor of HII’s Vetting Process for Third Parties

Third-Party Update Health Insurance Innovations (HII) sells about 70 percent of the policies it administers through a network of independent call centers, CEO Gavin Southwell in an interview we conducted late last year. The policies, which HII administers, are underwritten by insurance...

Jan 18, 2018 Read Now >

Bayer/Monsanto: DOJ Staff Seeks Statements from Industry Participants Detailing Seed Sector Complaints

DOJ staff reviewing Bayer’s bid for Monsanto are contacting agricultural industry players in search of farmers to testify or give statements about how the seed sector’s lack of competition has harmed their businesses, according to sources familiar with the matter. The Department...

Dec 20, 2017 Read Now >

Health Insurance Innovations: A Close Look at Relationship with Third-Party Call Centers; Company Could Potentially Be Held Liable for Actions of Centers

Company Update Health Insurance Innovations (HII) is a third-party administrator (TPA) that functions as a middleman between health insurers and customers looking for affordable health insurance plans. The short-term medical policies, ancillary insurance, and health benefit plans HII...

Dec 04, 2017 Read Now >

TransDigm: Senator Warren Writes Letter Urging DoD OIG Investigation

On May 19th, Senator Elizabeth Warren wrote a letter to Glenn Fine, the Acting Inspector General of the Department of Defense, requesting that Mr. Fine “expeditiously open an investigation into TransDigm if you have not already done so.” Senator Warren’s letter also states that as a...

Jun 12, 2017 Read Now >

TransDigm: Capitol Forum Analysis of Contract Data Indicates Prices Increase at a Higher Rate after TransDigm’s Acquisitions

Pricing Analysis In order to provide more insight into TransDigm’s acquisition strategy, we attempted to quantify how a company’s pricing for military spare parts changes after TransDigm acquires the company. Using contract data from Haystack Gold and a sample of 2,156 parts (as well...

Feb 03, 2017 Read Now >

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