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Actionable news in ALR: ALERE Inc,

Alere plunges on reports of criminal probe over Medicare, Medicaid billing

Federal criminal investigators have opened a new front in a probe of diagnostic testing company Alere, according to a new report that comes as the firm continues trying to sell itself to Abbott Labs in a multibillion-dollar deal.

The Wall Street Journal reported Wednesday afternoon that Alere was hit was a subpoena seeking patient-billing records in June by the criminal-fraud section of the U.S. Justice Department.

The subpoena sought information about Alere's alleged "efforts to collect copayments from patients, as well as forms submitted on their...