Business
SEC sues former Bristol-Myers Squibb executives
NEWS IN BRIEF — Posted Sept. 12, 2005
The Securities and Exchange Commission on Aug. 22 sued two former executives of Bristol-Myers Squibb Co. in a New Jersey federal court, accusing them of defrauding investors by improperly booking $1.5 billion in revenue in 2000 and 2001. In its civil suit, the SEC allege Frederick Schiff, former chief financial officer, and Richard Lane, former worldwide group medicine president, of paying incentives to get wholesalers to take more inventory than they needed, thus inflating Bristol-Myers revenue. Attorneys for the two men said their clients dispute the allegations and will contest the charges, the Associated Press reported.
Note: This item originally appeared at http://www.ama-assn.org/amednews/2005/09/12/bibf0912.htm.