ST. PAUL, Minn.--(BUSINESS WIRE)--Patterson Companies, Inc. (Nasdaq: PDCO) today commented on the non-binding, initial recommendation from the Federal Trade Commission’s (“FTC”) Administrative Law Judge (“ALJ”) regarding the administrative complaint filed on February 12, 2018. The recommendation concerns alleged conduct in 2013 regarding the company’s willingness to negotiate with “buying groups.”
“We strongly disagree with any finding against Patterson and believe the facts demonstrate the company’s independent decision-making in a highly competitive industry. We are evaluating all of our legal options, including appealing to the full Commission to review the facts of the matter.”
The non-binding initial recommendation from the ALJ to the FTC does not include a monetary fine or penalty and does not recommend imposing an outside monitor. The matter will now be referred to the FTC’s Commissioners for their final determination. While it is not possible to predict with certainty the outcome of the FTC process, the Company does not anticipate that this matter will have a material adverse effect on its financial condition or results of operations.
“Patterson takes compliance very seriously and maintains the highest levels of integrity and ethical standards while partnering with all types of customers to support their businesses and provide outstanding care to their patients.”
About Patterson Companies Inc.
Patterson Companies Inc. (Nasdaq: PDCO) connects dental and animal health customers in North America and the U.K. to the latest products, technologies, services and innovative business solutions that enable operational and professional success. Our comprehensive portfolio, distribution network and supply chain are equaled only by our dedicated, knowledgeable people who deliver unrivaled expertise and unmatched customer service and support.
Learn more: pattersoncompanies.com
This press release contains certain forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond Patterson's ability to control. Forward-looking statements generally can be identified by words such as "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on the results of operations and financial condition of Patterson or the price of Patterson stock. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements. Such risks and uncertainties include, without limitation, operations disruptions attributable to our enterprise resource planning system implementation; our ability to attract or retain qualified sales representatives and service technicians who relate directly with our customers; the reduction, modification, cancellation or delay of purchases of innovative, high-margin equipment; material changes in our purchasing relationships with suppliers; changes in general market and economic conditions; and the other risks and important factors contained and identified in Patterson's filings with the Securities and Exchange Commission, such as its Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K, any of which could cause actual results to differ materially from the forward-looking statements. Any forward-looking statement in this press release speaks only as of the date on which it is made. Except to the extent required under the federal securities laws, Patterson does not intend to update or revise the forward-looking statements.
SOURCE: Patterson Companies Inc.