GSK's Stiefel charged with fraud
This article was originally published in Scrip
Executive Summary
The US Securities and Exchange Commission has charged GlaxoSmithKline subsidiary Stiefel and its former chairman and CEO Charles Stiefel with defrauding employees and other shareholders by buying back their stock at severely undervalued prices prior to the privately-held dermatology firm's acquisition by GSK in 2009 for £2.2 billion.