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Cerebral, a SoftBank-backed online mental health startup valued at $4.8 billion, is being investigated by the DOJ for possible violations of the Controlled Substances Act, the company disclosed on Saturday.
💊 What’s going on?... Part of the startup's business involves diagnosing and prescribing meds to treat ADHD. In March, the WSJ reported some of Cerebral’s nurse practitioners felt pressured by the company to prescribe stimulants, and also thought Cerebral’s 30-minute evaluations weren’t long enough to accurately diagnose ADHD.
A former Cerebral exec also filed a lawsuit last month alleging something similar; the company has denied all claims of wrongdoing.
📸 Big picture: The number of ADHD drugs dispensed in the US rose at an annualized rate of 6.1% from 2010 to 2013 to reach 80 million prescriptions, according to the latest available data.
+Our experience: Anyone else getting overwhelmingly targeted with ADHD ads on TikTok?🙋♀️
📉 In a reversal of Wednesday’s rally, investors sold off ~$1.3 trillion worth of stocks yesterday in US markets’ worst day since the pandemic first began.
A preliminary vote last night by New York City officials proposed a rent hike of up to 6% across the city’s rent-stabilized housing units. The hike – if approved during a final vote in June – would impact more than 2 million New Yorkers.
👩💼 Women made up nearly half of all new Fortune 500 board appointments last year (45%) – an all-time high, according to a new report from executive search firm Heidrick & Struggles.
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