Drug bosses face civil fraud suit

[Judi Lynn]

Last Updated: Tuesday, 23 August 2005, 05:19 GMT 06:19 UK

Drug bosses face civil fraud suit

Bristol Myers-Squibb restated its 1999-2002 revenues by $2.5bn
Two former directors of US drug company Bristol-Myers Squibb are been sued for civil damages after being accused of masterminding a $1.5bn ($833m) fraud.

The Securities and Exchange Commission watchdog alleges that Frederick Schiff and Richard Lane devised a scheme to inflate sales and profits at the firm.

The two men already face related charges of criminal conspiracy, which they have denied.

The company was forced to restate its profits by $900m in 2003.

Fresh lawsuit
This followed a disclosure that the company had artificially inflated its sales by giving wholesalers financial incentives to stock its medicines.
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http://news.bbc.co.uk/1/hi/business/4175486.stm

[rodeodance]

1. Greed drives so so so much of some peoples behavior.

[bearfan454]

2. Yes it does.

Greed is the worst thing there is because it causes so many other bad things.