Federal officials allege Stiefel Laboratories Inc. and its former CEO defrauded employees out of more than $110 million by buying back stock at undervalued prices before GlaxoSmithKline Inc. acquired the OTC skin-care product firm in 2009 for $2.9 billion. According to the Securities and Exchange Commission, Charles Stiefel, who was chairman and CEO of family-owned Stiefel, did not disclose material information on the value of the firm's shares to employee-shareholders.
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