Defendant Name:
Wyeth LLC
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Pfizer Inc.
SIC Code:
2834
CUSIP:
71708110
Initial Case Details
Legal Case Name
SEC v. Wyeth LLC
First Document Date
07-Aug-2012
Initial Filing Format
Civil Proceeding
Case Number
12-cv-01304
Allegation Type
Foreign Corrupt Practices Act
Federal District Court
District of Columbia, District of Columbia
Resolutions
First Resolution Date
07-Aug-2012
Headline Total Penalty and Disgorgement
$18,876,625
Related Documents:
Complaint
On August 7, 2012, the SEC filed a complaint against Wyeth LLC. According to the complaint: "This action arises from violations of the books and records and internal controls provisions of the Foreign Corrupt Practices Act of 1977 ('the FCPA') by Defendant Wyeth LLC ('Wyeth'), while an issuer, relating to improper payments made to foreign officials in numerous countries by the employees and agents of Wyeth's subsidiaries in order to assist Wyeth in obtaining or retaining business. . . . At various times from at least 2005 through 2010, subsidiaries of Defendant Wyeth conducting business in several countries, including Indonesia, Pakistan, China, and Saudi Arabia, engaged in transactions for the purpose of improperly influencing foreign officials, including doctors and other healthcare professionals employed by foreign governments."
2012-152
07-Aug-2012
Press Release--Civil Action
SEC Charges Pfizer with FCPA Violations
On August 7, 2012, the SEC charged Wyeth LLC, a subsidiary of Pfizer Inc. for Foreign Corruption Practices Act violations. The Commission alleges that it carried out these violations primarily before but also its acquisition by Pfizer in 2009.
SEC Files Settled FCPA Charges Against Pfizer Inc. and Wyeth LLC
On August 8, 2012, the SEC published a litigation release regarding this matter. According to the release: "Wyeth subsidiaries engaged in FCPA violations, primarily before, but also after, the company's acquisition by Pfizer in late 2009. For example, according to the SEC's complaint, starting at least in 2005, subsidiaries marketing Wyeth nutritional products in China, Indonesia, and Pakistan bribed government doctors to recommend their products to patients by making cash payments or in some cases providing BlackBerrys and cell phones or travel incentives. The complaint alleges that Wyeth's employees often used fictitious invoices to conceal the true nature of the payments." The SEC also announced that the company had consented to an entry of a final judgment against it in settlement of the SEC's charges.
Final Judgment as to Defendant Wyeth LLC
On August 29, 2012, Federal District Judge Amy Berman Jackson entered final judgment against Wyeth LLC pursuant to the consent of Wyeth LLC. The Order stated that "based on Wyeth's exemplary cooperation in a Commission investigation, the Court is not ordering Wyeth to pay a civil penalty."