Patterson Companies, Inc.

Patterson Companies, Inc. (PDCO) Accused of Engaging in Price Fixing Scheme

According to the complaint, Patterson Companies, Inc. (PDCO) colluded with its two largest competitors, Henry Schein, Inc. ("Schein") and Benco Dental Supply Co. ("Benco") to fix the prices of dental supply products to buying groups or group purchasing organizations ("GPOs") that represented small and individual dental practices. In so doing, Patterson, Schein, and Benco instructed their sales forces to refuse to sell products to or provide any discounts to GPOs unless the GPOs agreed to margins set collectively by the companies. The truth behind Patterson's financial status began to come to light on February 12, 2018, when the Federal Trade Commission filed an administrative complaint against Patterson, Schein and Benco alleging that the companies violated U.S. antitrust laws. On March 1, 2018, Patterson announced that its Chief Financial Officer was stepping down, and a 26% decrease in earnings and cut its full year guidance, citing "changes in the Company's sales organization" and "disruptions in its sales force." Since news of Patterson's misconduct became public, its stock price has dropped over 35% to close at $21.40 per share on April 2, 2018.

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