Fried held a number of SLI shares, which he retained after he left the company. 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. Albert Einstein College of Medicine is one of the nation’s premier centers for research, medical education and clinical investigation. students, 193 Ph.D. students, 106 students in the combined M.D./Ph.D. SLI at the time was a privately held company. Read more about the suit and another SEC complaint alleging a "stock scheme." 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. Get up to 10 years of daily historical stock prices & volumes. A Florida jury awards a former Stiefel Laboratories employee $1.5 million. 2009 GSK purchases Stiefel Laboratories … 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. 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 … – SEC Toxic Financing Actions, SEC Obtains Preliminary Injunction Against Paul Horton Smith, Sr., Northstar Communications, LLC, Planning Services, Inc. and eGate, CF Crowdfunding SEC Reporting Requirements, Coronavirus, SEC Extensions and Disclosures, Crowdfunding During Coronavirus - COVID-19, Form F-1 Registration Statement and Going Public, Form S-1 Registration Statement - SEC Review, Public Company SEC Reporting Requirements, Rule 506(c) Covered Persons and Bad Actors, Section 4(a)(2) Exemption - Private Offerings, Sponsoring Market Maker, Form 211 and Rule 15c-211. Founded in 1847, Stiefel Laboratories, a privately held company, is the world's largest independent pharmaceutical company specializing in dermatology. Company profile page for Stiefel Laboratories Inc including stock price, company news, press releases, executives, board members, and contact information 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. Under the terms of the agreement GSK will acquire the total share capital of Stiefel for a cash consideration of $2.9 billion. 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. GlaxoSmithKline plc (GSK) and Stiefel Laboratories Inc. today announced that they have signed an agreement to create a new world-leading specialist dermatology business. public company SEC reporting requirements, Is My Dilution Funder a Dealer? Data provided by Edgar Online. During the 2015-2016 academic year, Einstein is home to 731 M.D. 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 SEC's investigation was conducted by Drew Panahi, and was supervised by Thierry Desmet and Glenn Gordon. Stiefel Laboratories General Information Description. Mike Hughes at Starbucks Corporation Contact Details - find the Job Title, Phone#, Email Address, Social Profiles (Including Facebook, LinkedIn and Twitter) and the list of co-workers of Mike Hughes at Starbucks Corporation, and much more! 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. Company profile page for Stiefel Laboratories Ireland Ltd including stock price, company news, press releases, executives, board members, and contact information (Attachments: # 1 Exhibit 1- Stiefel Laboratories, Inc. It makes products such as Duac and Oilatum. The lawsuit says that in March 2008, Bogush & Grady valued Stiefel at $876 million, and its stock was valued at $16,469 per share. See id. … 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. 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. 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") . What Is the Regulation SHO Short Seller Rule? Medications listed here may also be marketed under different names in different countries. Validity of Releases Allegedly Barring ERISA Claims Over ESOP Buy Back Cannot Be Decided 2 The … Manufacturer of pharmaceutical products, specializing in dermatology. What is a Form S-8 Registration Statement? 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. What is a Form 10 Registration Statement? Article Stock Quotes (2) Comments (0) ... with launches of new product variants and formulations based on rigorous science. Following GSK’s $3.6 billion acquisition of Stiefel Laboratories, Inc., a pharmaceutical company, in 2009, Mr. Foehr led the R&D integration of Stiefel … Founded in 1847, Stiefel Laboratories (a privately held company) is the world's largest independent pharmaceutical company specializing in dermatology. 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. Stiefel Laboratories is an American dermatological pharmaceutical company, with its global headquarters in Research Triangle Park, North Carolina. Non-US country and region specific information is not available on this page. Hamilton & Associates Law Group, P.A. ©2020, EDGAR®Online, a division of Donnelley Financial Solutions. In general, the Complaint alleged fraudulent conduct by Stiefel Labs and Stiefel during the repurchase of Stiefel Labs stock shares from employee shareholders from 2006 through April 20, 2009. Stiefel Laboratories, Inc. manufactures, markets and/or distributes more than 11 drugs in the United States. 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. Accounting and Auditing Enforcement Releases. What Is A Confidential Registration Statement? 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. Two years before, the company was valued at $702 million. By their conduct, the Defendants were alleged to have violated, or aided and abetted in the violations of, Section 10 (b) … 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. Charles Stiefel was also enjoined from violating Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934. Find the latest Stifel Financial Corporation (SF) stock quote, history, news and other vital information to help you with your stock trading and investing. GlaxoSmithKline will pay an additional $300,000 cash … Since its inception, the company had been closely held and controlled by members of the Stiefel family. The SEC's litigation was led by Christopher E. Martin, Robert Levenson, Alise Johnson, James Carlson, and Barbara Viniegra and supervised by Andrew Schiff. AMENDED COMPLAINT against All Defendants, filed by John Wagner, Bruce MacDonald, Sylberia Ann Raji, Joan Peterson. The company also manufactures and markets a variety of prescription and non-prescription dermatological products. Stiefel Laboratories implements a long-term incentive plan, which awards additional stock and golden parachutes to 16 senior executives. Stiefel was acquired by GlaxoSmithKline at a price of $2.9 billion. 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. 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 … 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 … Stiefel Laboratories said it has agreed to acquire Barrier Therapeutics for $4.15 a share. The S.E.C. 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