Have a Claim?

Click here for a confidential contact or call:


June 5, 2020

Posted  June 5, 2020

The world’s former largest private manufacturer of dermatology products, along with its former chairman and CEO, have been ordered to pay $37 million to defrauded shareholders, many of whom were company employees.  According to the SEC, Stiefel Laboratories and Charles Stiefel bought back stock at severely undervalued prices and failed to disclose information during the buyback that would have alerted shareholders to the stock’s true value.  At the time, the company was quietly negotiating the sale of the company to GlaxoSmithKline PLC, which ultimately led to a share price of more than four times what defendants paid to shareholders.  SEC

Tagged in: Financial and Investment Fraud,