Dolan Out at Bristol-Myers
The total bill for Bristol-Myers Squibb to mollify regulators and shareholders was $839 million.
The U.S. attorney deal essentially put Bristol-Myers on probation, removing the risk of a criminal complaint as long as the company acted within the stated guidelines for two years.
The deferred prosecution agreement also resulted in Dolan losing his job as chairman. He was replaced by Robinson, a Bristol-Myers director since 1976, as nonexecutive chairman. Robinson is a former chairman and CEO of American Express (AXP).Lacey was brought in to ensure that Bristol-Myers lived up to its end of the bargain and to monitor its corporate behavior through at least April 2007. Lacey had served as an independent adviser to the company since June 2003. According to Bristol-Myers, both Lacey and Christopher J. Christie, the U.S. attorney for New Jersey, met with the board on Monday. The company said Tuesday that Lacey's recommendation followed an inquiry by him and the U.S. attorney into "issues related to corporate governance in connection with the negotiation of a settlement agreement of the pending Plavix patent litigation." However, neither found "that there had been any violation of the deferred prosecution agreement. No finding of any unlawful conduct by the company or any of its employees has been made."
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV