CEO David Ricks and other top executives have bought nearly $2.9B worth of company stock over the past few days as the Indiana-based drugmaker witnessed a rare selloff last week in reaction to disappointing late-stage trial data for its obesity pill,

CEO David Ricks bought $1 million of company stock on the open market after the pharmaceutical giant’s share price recently suffered its worst decline since 2008. Take advantage of TipRanks Premium at 50% off!

E li Lilly CEO David Ricks bought just over $1 million of Lilly shares in the open market Tuesday following the sharp drop in the stock in the wake of its earnings report last week. Ricks purchased 1,

Texas Attorney General Ken Paxton has filed a lawsuit against Eli Lilly and Co. (NYSE:LLY), accusing the pharmaceutical giant of bribing medical providers to promote its most profitable drugs, including the widely used GLP-1 medications Mounjaro and Zepbound for diabetes and weight loss.

Attorney General Paxton argues that the company’s programs and offerings were essentially bribes and resulted in millions in dollars charged to the state’s Medicaid program.

Paxton's office said the company supplied free nurses to help care for patients who received its drugs, as well as administrative support services that helped providers process insurance claims.