Defendant Name: Pfizer Inc.

Defendant Type: Public Company

Document Reference: LR-22438

Document Details

Legal Case Name SEC v. Pfizer Inc.
Document Name SEC Files Settled FCPA Charges Against Pfizer Inc. and Wyeth LLC
Document Date 08-Aug-2012
Document Format Civil Proceeding
Case Number 12-cv-01303
Federal District Court District of Columbia, District of Columbia
AAER 3399
Allegation Type Foreign Corrupt Practices Act
Document Summary On August 8, 2012, the SEC published a litigation release regarding this matter. According to the release: "The SEC alleges that employees and agents of Pfizer's subsidiaries in Bulgaria, China, Croatia, Czech Republic, Italy, Kazakhstan, Russia, and Serbia made improper payments to foreign officials to obtain regulatory and formulary approvals, sales, and increased prescriptions for the company's pharmaceutical products. They tried to conceal the bribery by improperly recording the transactions in accounting records as legitimate expenses for promotional activities, marketing, training, travel and entertainment, clinical trials, freight, conferences, and advertising."

Disgorgement & Penalty Information

Resolutions
Enjoinment
Various Undertakings
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Monetary Penalties:

Disgorgement

Individual:     $16,032,676.00 Shared:    

Pre-Judgment Interest

Individual:     $10,307,268.00 Shared:    

Total Penalty

Individual:     $26,339,944.00 Shared:    

Related Documents:

comp-pr2012-152-pfizer 07-Aug-2012 Complaint
Complaint
On August 7, 2012, the SEC filed a complaint against Pfizer Inc. ("Pfizer") alleging violations of the Foreign Corrupt Practices Act relating to improper payments made to foreign officials in numerous countries by the employees and agents of Pfizer's subsidiaries in order to assist Pfizer in obtaining or retaining business. At various times from at least 2001 through 2007, employees and agents of Pfizer's subsidiaries, conducting business in Bulgaria, China, Croatia, Czech Republic, Italy, Kazakhstan, Russia, and Serbia, engaged in transactions for the purpose of improperly influencing foreign officials, including doctors and other healthcare professionals employed by foreign governments. Employees attempted to conceal the true nature of the transactions by improperly recording the transactions on the books and records of the respective subsidiaries. These improper payments were made without the knowledge or approval of officers or employees of Pfizer, but the inaccurate books and records of Pfizer's subsidiaries were consolidated in the financial reports of Pfizer.
2012-152-Pfizer 07-Aug-2012 Press Release--Civil Action
SEC Charges Pfizer with FCPA Violations
On August 7, 2012, the SEC charged Pfizer Inc. with violating the Foreign Corrupt Practices Act when its subsidiaries in Europe and Asia bribed doctors and other health care professionals to win business.
court_doc4_12-cv-01303 28-Aug-2012 Court Docket Document
Final Judgment as to Defendant Pfizer Inc.
On August 27, 2012, Federal District Judge Ellen S. Huvelle entered final judgment against Pfizer Inc. pursuant to the consent of Pfizer Inc. The Order provided that "based on Pfizer's exemplary cooperation in a Commission investigation, the Court is not ordering Pfizer to pay a civil penalty."