Alere finally files documents with the SEC, and we still don't see evidence of a moat.
The Department of Justice investigation into no-moat Alere has taken a serious turn, and we plan to lower our $43 stand-alone fair value estimate after incorporating probability-weighted legal penalties. The scope of this investigation has become more alarming, as the DOJ's criminal fraud unit has subpoenaed Alere for patient and Medicare billing records. Initially in late 2015, the investigation was focused on Alere's sales and marketing practices in Africa. Then, the investigation expanded to ...
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