SEC Can't Prove Stock Buyback Scheme, GSK Unit Says

Law360, New York (December 11, 2012, 6:27 PM EST) -- The U.S. Securities and Exchange Commission hasn't identified evidence that Stiefel Laboratories Inc. and its former CEO defrauded investors and employees by repurchasing stock at dramatically undervalued prices before a $2.9 billion sale to GlaxoSmithKline PLC in 2009, Stiefel told a Florida federal judge Monday.

The SEC alleges that between November 2006 and April 2009, Stiefel Labs and its former Chairman and CEO Charles W. Stiefel omitted key information in stock buyback offers to employees and other shareholders that would have alerted them that the price...
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