Bristol-Myers Settles With SEC
Stock quotes in this article:
BMY
A federal judge has signed off on a $150 million payment that Bristol-Myers Squibb(BMY Quote) agreed to make as part of a settlement of charges with the Securities and Exchange Commission.
It's the latest development in an Aug. 4 settlement between Bristol-Myers Squibb and the SEC concerning government investigations of accounting practices and inventory management activity that began two years ago. The New York-based company agreed to settle a pending civil case by paying a total of $150 million, including the $100 million fine, into a shareholder compensation fund under court direction. The agreement with the SEC followed, by a few days, the company's agreement to pay $300 million to settle a shareholder class-action suit covering similar allegations. The accounting issue involved a restatement Bristol-Myers announced more than a year ago. The company had overstated revenue between 1999 and 2001 by $2.5 billion in offering wholesalers incentives to build up their inventories -- a maneuver known as channel stuffing. Bristol-Myers neither admitted nor denied wrongdoing in connection with the investigation, which began in April 2002. The company said it cooperated fully with the SEC and has implemented a series of internal controls and procedures designed to ensure that its financial reporting processes meet the highest standards of integrity and professionalism.- Loading Comments...
- Loading Comments...
Recent Comments
Featured Photo Galleries
| Dow Jones | S&P 500 | NASDAQ | 10-Year Note | |
|---|---|---|---|---|
| 10,344.84 | 1,095.63 | 2,144.60 | 32.01 |
Oil *
78.55
|
|
UP
34.92
|
UP
4.14
|
UP
6.16
|
DOWN
0.30
|
10 Yr
3.20%
SPDR Gold
115.65
|
|
+0.34%
|
+0.38%
|
+0.29%
|
-0.93%
|
Data delayed 20 minutes |














