Morgan & Morgan Announces That It is Investigating the Sale of Covance,… — NEW YORK, Nov. 20, 2014 /PRNewswire/ —
NEW YORK, Nov. 20, 2014 /PRNewswire/ — Morgan & Morgan announces that it is investigating potential claims against the Board of Directors of Covance, Inc. “Covance” or the “Company” NYSE: CVD relating to the proposed acquisition by Laboratory Corporation of America Holdings “LabCorp”.
Most of our federal agencies are “captured” by industry, serving those who pay the least in taxes and demand the most in accommodations … including the cornering of markets.
Again, my objections to LabCorp began with their failure, during the acquisition process, to object to Orchid Cellmark’s apparent complacency with receiving evidence in suspect condition for DNA testing, evidence that had crossed state lines – from Florida to Texas – by two separate orders of Brevard County Judge W David Dugan. Frame-ups are a very big deal, and any party to them to should be held accountable.
That complacency led me to believe that LabCorp would use acquisitions to drive up DNA test prices. That has come to pass; I’ve seen ridiculous prices published for MITO DNA tests, the least conclusive. Municipalities are still reporting ridiculous rape kit backlogs, which keep rapists on the streets, while soulless politicians declare their additional crimes as “acts of God.”
My objections to LabCorp have increased. Its officers are known to sell off huge chunks of stock; its accounting measures seem extraneous; its success in defending most if not all lawsuits seems suspect, and its growth seems unsustainable … a house of cards.
I’m glad that so many parties are challenging this merger, but wish they all piped up years ago. Of the two sets of evidence received by order of W David Dugan, only one was set was testable, the other had been “washed.” As a result, Bill Dillon was exonerated after 27+ years in prison, and Gary Bennett remains framed after nearly 31 years in prison.
Oft-discredited dog handler John Preston had testified against both men in their separate homicide trials, so had coached jailhouse informants. There are scores more men waiting to get out from Preston’s perjuries. It’s no small deal, especially since the cases of other other DNA-discredited dog handler are being treated in the same immoral manner, e.g., Keith Pikett.
Federal dollars have been disbursed on a grand scale to clear up DNA backlogs, but those backlogs never get cleared up, and the Justice Department – initiator of many of the grants – should be demanding that the SEC explain why it is that DNA test prices are going up when increased automation indicates they should be going down, but only in the criminal justice market … not the explore your family tree DNA market.
Oversight of the SEC – like most federal agencies – results in collusion rather than correction. With so many firms now looking at LabCorp, it’s reasonable to hope that one of them will take more than a cursory look: lives and freedoms are at stake, and so are hundreds of millions of taxpayers dollars.