An investigation on behalf of former employees of Stiefel Laboratories, Inc., who are current or former participants in the Stiefel Laboratories, Inc. Employee Stock Bonus Plan, concerning potential breaches of fiduciary duties was announced and employees of Stiefel Laboratories, Inc. should contact the Shareholders Foundation at mail@shareholdersfoundation.com
San Diego, CA -- (SBWIRE) -- 08/21/2012 -- 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.
Former employees of Stiefel Laboratories, Inc., who are current or former participants in the Stiefel Laboratories, Inc. Employee Stock Bonus Plan, have certain options and should contact the Shareholders Foundation, Inc. at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
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.
Those who are former employees of Stiefel Laboratories, Inc., who are current or former participants in the Stiefel Laboratories, Inc. Employee Stock Bonus Plan, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Jacob Rosenfeld
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com