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...
To view the full article, register now.




Case Information

Case Title

Securities and Exchange Commission v. Stiefel Laboratories Inc. et al

Case Number



Florida Southern

Nature of Suit



William J. Zloch

Date Filed

December 12, 2011

Law Firms


Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.