Monday, June 06, 2005

Bristol-Myers-Squibb Settling Case of Inflated Sales Figures

The NY Times reported that Bristol-Myers-Squibb will soon be paying about $300 million in exchange for the US Department of Justice deferring prosecution of its alleged criminal conduct. The allegations were that the company inflated sales figures that it reported to investors. The company's current CEO, Peter R. Dolan, has acknowledged that the company inflated revenue by about $2.5 billion from 1999 to 2002. (See this Forbes article for more on Dolan's record.)

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