Tuesday, January 24, 2012

Stiefel Family Accused of Fraud - WSJ.com

Longtime employees of Stiefel Laboratories Inc. once compared the drug maker to an extended family, with CEOs hosting company parties at home and greeting employees by name.

Now, some current and former employees and securities regulators are alleging that Stiefel family members, including its former chairman and chief executive, Charles Stiefel, plotted to buy private shares from employees on the cheap—boosting the family's ownership stake—shortly before selling the company to GlaxoSmithKline PLC for $2.9 billion in 2009.

Posted via email from Jack's posterous

No comments: