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Research Center : Development

Dec 19,2011 | Goodwin Proctor

SEC Alleges Securities Law Violations Against Private Company in Connection with Share Repurchases from Employees

On December 12, 2011 the Securities and Exchange Commission charged Stiefel Laboratories Inc. (“Stiefel Labs” or the “Company”) and Stiefel Labs’ former chairman and CEO, with fraud in connection with the Company’s repurchases of its stock from employees and former employees between 2006 and 2009. The SEC charged that Stiefel Labs repurchased its stock at undervalued prices and failed to disclose material, non-public information that affected the value of its stock and would have impacted its employee-stockholders’ decision to sell shares back to the Company.

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