Ex-Stiefel Labs Exec Accuses Bosses Of $40M Con

Law360, Wilmington (July 1, 2011, 7:32 PM EDT) -- A former Stiefel Laboratories Inc. officer on Friday sued the company’s founding family in Florida, alleging he lost $40 million when they conned him into selling them his stake in the company for a fraction of what GlaxoSmithKline PLC paid only months later.

Stiefel Labs Chairman and CEO Charles Stiefel — along with his two sons, who also served as directors — used fabricated valuations of the skin care drugmaker and tall tales about the company’s lack of marketability to retrieve shares at a discount, according...
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