Defendant Name: Stiefel Laboratories Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: GlaxoSmithKline plc 
SIC Code: 2834
CUSIP: 37733W10

Initial Case Details

Legal Case Name SEC v. Stiefel Laboratories Inc. and Charles W. Stiefel
First Document Date 12-Dec-2011
Initial Filing Format Civil Proceeding
Case Number 11-cv-24438
Allegation Type Issuer Reporting and Disclosure
Federal District Court Florida, Southern District of Florida

Violations Alleged

Exchange Act
Sec 10(b) + Rule 10b-5
Additionally, Charles W. Stiefel is alleged to have aided and abetted Stiefel Laboratories Inc.'s violation of Sec 10(b) + Rule 10b-5 of the Exchange Act.


First Resolution Date 04-Jun-2020
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

comp22187 12-Dec-2011 Complaint
On December 12, 2011, the SEC filed a complaint. In the complaint the SEC alleged that: "From November 2006 through April 2009, Defendant Stiefel Laboratories Inc. ..., at the time the world's largest private manufacturer of dermatology products, defrauded shareholders out of more than $110 million, at the direction of Defendant Charles W. Stiefel, its then chairman and CEO. The Defendants carried out this fraudulent scheme by purchasing stock, mainly from current and former employees, at severely undervalued prices."
LR-22187 12-Dec-2011 Litigation Release
Litigation Release
On December 12, 2011, the SEC issued a litigation release describing the complaint against Stiefel Laboratories Inc. and Charles Stiefel.
2011-261 12-Dec-2011 Press Release--Civil Action
SEC Charges GlaxoSmithKline Subsidiary and Former CEO With DeFrauding Employees in Stock Plan
On December 12, 2011, the SEC announced that it, "charged a subsidiary of pharmaceutical company GlaxoSmithKline and the subsidiary's former chairman and CEO with defrauding employees and other shareholders in the company's stock plan by buying back their stock at severely undervalued prices."
court_doc235_11-cv-24438 04-Jun-2020 Court Docket Document
Final Judgment Against Defendant Stiefel Laboratories, Inc.
On June 5, 2020, the Court issued a final judgment against defendant Stiefel Laboratories, Inc. stating: "Without admitting or denying the allegations of the Complaint (except that Stiefel Labs admits the jurisdiction of the Court over it and over the subject matter of this action), Stiefel Labs has entered a general appearance, consented to entry of this Final Judgment, waived findings of fact and conclusions of law, and waived any right to appeal from this Final Judgment. The Court, therefore, finds that good cause exists for entry of final judgment against Stiefel Labs."
LR-24828 05-Jun-2020 Litigation Release
Investors to Receive $37 Million from SEC Settlement with Stiefel Laboratories and Charles Stiefel
The SEC stated 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."
court_doc286_11-cv-24438 21-May-2021 Court Docket Document
Order on SEC's Motion to Approve Distribution Plan
- The objections and amended objections are overruled - SEC's motion is granted and distribution plan is approved
court_doc290_11-cv-24438 06-Dec-2021 Court Docket Document
- Granted SEC's motion for final approval to distribute the entire fair fund
court_doc295_11-cv-24438 28-Jun-2022 Court Docket Document
- The SEC motion for a supplemental distribution is granted

Other Defendants in Action: