News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

SEC Charges GlaxoSmithKline (GSK)'s Stiefel Laboratories and Its Ex-CEO of Fraud


12/13/2011 8:07:27 AM

Charles W. Stiefel made a fortune when the drug maker GlaxoSmithKline acquired his family-owned dermatology business, Stiefel Laboratories, for $2.9 billion in 2009. He also defrauded his staff in the process, according to a lawsuit filed Monday against Mr. Stiefel and his company, now a GlaxoSmithKline subsidiary, by the Securities and Exchange Commission. The S.E.C. accused Mr. Stiefel of cheating the former employees out of more than $110 million by hiding vital information about the company — including the potential acquisition by GlaxoSmithKline — while Stiefel Labs was buying their shares in the company’s stock plan at extremely low valuations.


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES