Defendant Name:
Novartis AG
Defendant Type:
Public Company
SIC Code:
2834
CUSIP:
66987V10
Document Reference:
34-89149
Document Details
Legal Case Name
In the Matter of Novartis AG
Document Name
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
Document Date
25-Jun-2020
Document Format
Administrative Proceeding
AAER
4150
Allegation Type
Foreign Corrupt Practices Act
Document Summary
On June 25, 2020, the SEC instituted settled cease-and-desist proceedings against Novartis AG. The SEC stated: "These proceedings arise out of improper activities by subsidiaries and affiliates of Novartis AG, a global pharmaceutical and healthcare company headquartered in Basel, Switzerland, to increase the use of products in several geographic markets between 2012 and 2016."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Other Compliance Related Undertaking
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$92,300,000.00
Shared:
Pre-Judgment Interest
Individual:
$20,500,000.00
Shared:
Total Penalty
Individual:
$112,800,000.00
Shared:
