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Alere Plunges by Record on Report of U.S. Criminal Probe

  • Company said to have gotten subpoena on billing practices
  • Alere already investigated for foreign bribery allegations

Alere Inc. shares plunged Wednesday after the Wall Street Journal reported that the medical testing company is facing a U.S. criminal investigation over Medicare and Medicaid billing practices, adding an additional legal probe as the company tries to hold onto its deal to be bought by Abbott Laboratories.

Dow Jones said the company was being investigated by the Justice Department’s Criminal Fraud Unit, citing people familiar with the matter...