The NY Times reported that federal prosecutors will defer prosecution of Bristol Myers Squibb for alleged manipulation of inventory designed to artificially inflate sales. The company will return $300 million to stockholders; set up an endowed chair of business ethics at Seton Hall University Law School; remove its CEO, Peter R. Dolan, from his additional position as chairman of board; and allow a retired federal judge to continue monitoring company operations, and appoint an additional board member acceptable to him. If the company complies with all obligations to the government, the prosecutors will dismiss criminal complaints already filed without further prosecution.
Two former Bristol Myers Squibb executives, former chief financial officer Frederick S. Schiff, and Richard J. Lane, former head of worldwide medicines, were indicted on charges of conspiracy and securities fraud. Lawyers for both men declared their innocence.
The prosecutors stated that these events resulted from a "corporate culture at Bristol-Myers at the time that emphasized higher sales at all costs...." according to the Times.
Two former Bristol Myers Squibb executives, former chief financial officer Frederick S. Schiff, and Richard J. Lane, former head of worldwide medicines, were indicted on charges of conspiracy and securities fraud. Lawyers for both men declared their innocence.
The prosecutors stated that these events resulted from a "corporate culture at Bristol-Myers at the time that emphasized higher sales at all costs...." according to the Times.
Artikel Terkait
Princess Health and Bristol-Myers-Squibb Settling Case of Inflated Sales Figures. PrincessicciaThe NY Times reported that Bristol-Myers-Squibb will soon be paying about $300 million in exchange for the US Departmen- Princess Health and The Troubles at Cooper Continue, Lately Gruesomely, But Will Its Leadership and Governance Change This Time? - Part II: the History since 2005. PrincessicciaIn our most recent post, we noted the latest tragic, and gruesome development at Cooper Health System, the largest hosp
- Princess Health and Ho-hum, Another Month, Another Set of Multi-Million Dollar Settlements by Health Care Corporations Acting Badly. PrincessicciaAmazingly, with a US presidential election looming, there is finally some public discussion here of the impunity of top
- Princess Health and A Small Challenge to Impunity - Lawsuit Against Former Synthes CEO Proceeds. PrincessicciaNumerous allegations of bad behavior by big health care organizations, some apparently causing patient harm, have resul
- Princess Health and The March of Legal Settlements Continues into 2015 - Daiichi Sankyo Settles Charges of Kickbacks to Doctors for $39 Million. PrincessicciaWe are just into January and have our first legal settlement by a major health care corporation of charges of giving ph
Princess Health and Their Cheating Hearts - Latest Allergan Settlement Is a Reminder of Merger Participants' Sketchy Pasts. PrincessicciaA Huge, but Sketchy Merger The announced merger and "tax inversion" of Pfizer and Allergan would be one of the largest
Princess Health and Deferred Prosecution for Bristol Myers Squibb for Fraud Charges.Princessiccia
4/
5
Oleh
Gusty
