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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Case Information

Case Title

100079 Canada, Inc. v. Stiefel Laboratories, Inc. et al


Case Number

1:11-cv-22389

Court

Florida Southern

Nature of Suit

Stockholders Suits

Judge

Robert N. Scola, Jr

Date Filed

July 1, 2011

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