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If you are a former employee of Stiefel Laboratories, Inc., who is current or former participantsin the Stiefel Laboratories, Inc. Employee Stock Bonus Plan, you have certain options and you should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this investigation, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Investigation Overview
Aug. 21, 2012 (Shareholders Foundation) -- An investigation on behalf of former employees of Stiefel Laboratories, Inc., who is a current or former participant in the Stiefel Laboratories, Inc. Employee Stock Bonus Plan, concerning potential Breaches of Fiduciary Duty was announced.
According to the investigation by a law firm under ERISA employees of Stiefel Laboratories, Inc., who is a current or former participant in the Stiefel Laboratories, Inc. Employee Stock Bonus Plan, may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them.
Stiefel Laboratories, Inc. was acquired in 2009 by GlaxoSmithKline for approximately $3.6 billion.
According to the investigation prior to the takeover, the fiduciaries to the Stiefel Laboratories, Inc Employee Stock Bonus Plan directed the company to repurchase significant amounts of employee stock from participants of the Employee Stock Bonus Plan at prices believed to be well below the actual value of the company stock.
While many Employee Stock Bonus Plan participants sold their Stiefel Laboratories, Inc stock at approximately $16,500 per share immediately prior to the sale to GlaxoSmithKline, the deal with GlaxoSmithKline valued Stiefel Laboratories' company stock at approximately $68,000 per share, so the investigation.
