Shares of LabCorp moved lower after the company disclosed in its quarterly filing that its Covance Research Products unit was served with a Grand Jury Subpoena on April 1, issued by the Department of Justice in Miami, Florida, requiring the production of documents related to the importation into the United States of live non-human primate shipments originating from or transiting through China, Cambodia, and/or Vietnam from April 1, 2014 through March 28, 2019. The company said it is cooperating with the Department of Justice. Further, on April 4, Tri-Cities Laboratory, a joint venture LabCorp acquired as part of the Pathology Associates Medical Laboratories transaction in May 2017, was served with a subpoena issued by the Department of Justice in Newark, New Jersey, requiring the production of documents related to test orders and payments to various third party companies and individuals. The company said it is cooperating with the Department of Justice. Shares of LabCorp moved lower following the afternoon disclosure and are trading down $1.51 to $164.12. LabCorp competitor Quest Diagnostics (DGX) gave up some of its gains as well but the shares remain up 51c to $98.67 in afternoon trading.
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