Stiefel Labs, Ex-CEO Cleared Of $2M Securities Fraud Claim

Law360, Miami (November 8, 2013, 8:44 PM EST) -- A federal jury in Miami on Wednesday found that Stiefel Laboratories Inc. and former chief executive Charles Stiefel did not commit securities fraud or breach fiduciary duty in connection with a former executive's sale of company stock ahead of Stiefel's 2009 acquisition by GlaxoSmithKline PLC.

Stiefel has faced several lawsuits, including a failed class action, accusing the pharmaceutical giant of significantly undervaluing its stock and then persuading employees to resell their shares to the company ahead of its sale to Glaxo for $2.9 billion.

“The jury...
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