Under the terms of the agreement GSK will acquire the total share capital of Stiefel for a cash consideration of $2.9 billion. Stiefel is committed to developing science-led and differentiated products and innovation in areas where it has deep expertise, so that more people discover and enjoy healthy skin. AMENDED COMPLAINT against All Defendants, filed by John Wagner, Bruce MacDonald, Sylberia Ann Raji, Joan Peterson. The S.E.C. Stiefel Laboratories is an American dermatological pharmaceutical company, with its global headquarters in Research Triangle Park, North Carolina. For example, according to the complaint, the company failed to disclose negotiations for the sale of the company that ultimately resulted in GlaxoSmithKline PLC purchasing Stiefel Laboratories for a share price more than four times higher than the share price the company paid to employee shareholders. (Attachments: # 1 Exhibit 1- Stiefel Laboratories, Inc. According to the SEC’s complaint, defendants Stiefel Laboratories, which at the time of the misconduct was the world’s largest private manufacturer of dermatology products, and Charles Stiefel defrauded shareholders, who were mostly company employees, by having Stiefel Laboratories buy back their stock at severely undervalued prices. SLI at the time was a privately held company. CORAL GABLES, Fla., Aug. 5 /PRNewswire/ -- Stiefel Laboratories, Inc. ("Stiefel Laboratories"), the world's largest independent pharmaceutical company specializing in dermatology, announced today that its wholly owned subsidiary, Bengal Acquisition Inc., has completed its all cash tender offer for the outstanding shares of common stock of Barrier Therapeutics, Inc. ("Barrier Therapeutics") . Stiefel Laboratories implements a long-term incentive plan, which awards additional stock and golden parachutes to 16 senior executives. Hamilton & Associates Law Group, P.A. By their conduct, the Defendants were alleged to have violated, or aided and abetted in the violations of, Section 10 (b) … Stiefel Laboratories said it has agreed to acquire Barrier Therapeutics for $4.15 a share. The SEC's investigation was conducted by Drew Panahi, and was supervised by Thierry Desmet and Glenn Gordon. The Stiefel family owned or controlled more than 70% of the outstanding voting common stock and more than 60% of the total outstanding common stock of Stiefel Laboratories. What Is A Confidential Registration Statement? 2009 GSK purchases Stiefel Laboratories … Medications listed here may also be marketed under different names in different countries. The company also manufactures and markets a variety of prescription and non-prescription dermatological products. Accounting and Auditing Enforcement Releases. About Stiefel Laboratories, Inc. Specifically, pursuant to the final judgments, without admitting or denying the allegations in the SEC's complaint, Stiefel Laboratories was ordered to pay disgorgement of $23,000,000, prejudgment interest of $2,210,000, and a civil penalty of $1,300,000, and Charles Stiefel was ordered pay disgorgement of $9,300,000, prejudgment interest of $930,000, and a civil penalty $260,000. Article Stock Quotes (2) Comments (0) ... with launches of new product variants and formulations based on rigorous science. Stiefel Laboratories The British drugmaker will acquire Stiefel for $2.9 billion cash and assume $400,000 of debt. The SEC alleged that Stiefel Laboratories and Charles Stiefel used artificially low valuations for stock buybacks and failed to disclose information that would have alerted employee shareholders their stock was worth much more than the price the company paid them. public company SEC reporting requirements, Is My Dilution Funder a Dealer? Manufacturer of pharmaceutical products, specializing in dermatology. The Global Headquarters of Stiefel Laboratories will remain in Coral Gables, Fla., and the Marketing and Sales headquarters will remain in Duluth, Ga. About Stiefel Laboratories, Inc. On December 12, 2011, the SEC filed an enforcement action in the US District Court for the Southern District of Florida against Stiefel Laboratories Inc. (Stiefel Labs) and Charles Stiefel, the company's former chairman and CEO, alleging that they engaged in a fraudulent stock scheme in violation of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. This allowed the Defendants to repurchase substantial shares of Stiefel Labs’ stock from employees and former employees at artificially low prices. ©2020, EDGAR®Online, a division of Donnelley Financial Solutions. The SEC alleged that Stiefel Laboratories and Charles Stiefel used artificially low valuations for stock buybacks and failed to disclose information that would have alerted employee shareholders their stock was worth much more than the price the company paid them. The SEC's litigation was led by Christopher E. Martin, Robert Levenson, Alise Johnson, James Carlson, and Barbara Viniegra and supervised by Andrew Schiff. Get up to 10 years of daily historical stock prices & volumes. Company profile page for Stiefel Laboratories Inc including stock price, company news, press releases, executives, board members, and contact information Stiefel Laboratories, Inc. manufactures, markets and/or distributes more than 11 drugs in the United States. Founded in 1847, Stiefel Laboratories (a privately held company) is the world's largest independent pharmaceutical company specializing in dermatology. The lawsuit says that in March 2008, Bogush & Grady valued Stiefel at $876 million, and its stock was valued at $16,469 per share. What is a Form S-8 Registration Statement? Find the latest Stifel Financial Corporation (SF) stock quote, history, news and other vital information to help you with your stock trading and investing. Two years before, the company was valued at $702 million. According to the SEC's complaint, defendants Stiefel Laboratories, which at the time of the misconduct was the world's largest private manufacturer of dermatology products, and Charles Stiefel defrauded shareholders, who were mostly company employees, by having Stiefel Laboratories buy back their stock at severely undervalued prices.  The SEC alleged that Stiefel Laboratories and Charles Stiefel used artificially low valuations for stock buybacks and failed to disclose information that would have alerted employee shareholders their stock was worth much more than the price the company paid them. 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Stiefel Laboratories General Information Description. students, 193 Ph.D. students, 106 students in the combined M.D./Ph.D. On April 20, 2009, Stiefel Labs announced that GSK had agreed to pay $2.9 billion to acquire all outstanding shares in Stiefel Labs, at a price of $68,515.29 per share of common stock. Fried held a number of SLI shares, which he retained after he left the company. Validity of Releases Allegedly Barring ERISA Claims Over ESOP Buy Back Cannot Be Decided What Is the Regulation SHO Short Seller Rule? Since its inception, the company had been closely held and controlled by members of the Stiefel family. The Securities and Exchange Commission today announced that it has obtained final judgments that will require a former privately held dermatology products manufacturer and its former chairman and CEO to pay $37 million for the benefit of shareholders whom they defrauded through share buybacks that were improperly undervalued. It makes products such as Duac and Oilatum. accused Mr. Stiefel of cheating the former employees out of more than $110 million by hiding vital information about the company — including the potential acquisition by GlaxoSmithKline — while Stiefel Labs was buying their shares in the company’s stock … A 2008 valuation sent to employees stated the stock was $16,469 a share, but the suit alleges that directors Charles Stiefel, Brent Stiefel and Todd Stiefel knew or should have known the stock … Richard Fried was the CFO of Stiefel Laboratories, Inc. from 1987 to 1997. Stiefel Labs and GSK announced their merger on April 20, 2009, valuing Stiefel Labs stock at more than $68,000 per share, more than four times the price the company paid to … A Florida jury awards a former Stiefel Laboratories employee $1.5 million. Albert Einstein College of Medicine is one of the nation’s premier centers for research, medical education and clinical investigation. Company profile page for Stiefel Laboratories Ireland Ltd including stock price, company news, press releases, executives, board members, and contact information Charles Stiefel was also enjoined from violating Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. Data provided by Edgar Online. Founded in 1847, Stiefel Laboratories, a privately held company, is the world's largest independent pharmaceutical company specializing in dermatology. Charles Stiefel himself owned more than 90% of the Class B voting stock, which allowed him to elect a majority of the Board of Directors for Stiefel Laboratories. The U.S. District Court for the Southern District of Florida entered final consent judgments against Stiefel Laboratories and Charles Stiefel and approved a Fair Fund that will allow the SEC to distribute all disgorgement, prejudgment interest, and civil penalty payments to be received from both Defendants, totaling $37 million, to defrauded shareholders. During the 2015-2016 academic year, Einstein is home to 731 M.D. Going Public eBook by Securities Lawyer 101, Going Public Attorney's Guide to Rule 506, Due Diligence & the Going Public Attorney, Why Companies Need a Going Public Attorney. What is a Form 10 Registration Statement? Stiefel was acquired by GlaxoSmithKline at a price of $2.9 billion. 2 The … GlaxoSmithKline plc (GSK) and Stiefel Laboratories Inc. today announced that they have signed an agreement to create a new world-leading specialist dermatology business. Richard Fried was an employee of Stiefel Laboratories, a formerly family-owned pharmaceutical company, and he accrued stock in the company as part of his pension plan. … Read more about the suit and another SEC complaint alleging a "stock scheme." Prior to Ligand, he was Vice President and Head of Consumer Dermatology R&D, as well as Acting Chief Scientific Officer of Dermatology, in the Stiefel division of GSK. See id. 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