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GlaxoSmithKline settles healthcare fraud case
Stock Market News |
2012/07/02 11:00
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GlaxoSmithKline Plc has agreed to plead guilty to misdemeanor criminal charges and pay $3 billion to settle what government officials said on Monday is the largest case of healthcare fraud in U.S. history.
The agreement, which still needs court approval, would resolve allegations that the British drugmaker broke U.S. laws in the marketing of several pharmaceuticals.
GSK targeted the antidepressant Paxil to patients under age 18 when it was approved for adults only, and it pushed the drug Wellbutrin for uses it was not approved for, including weight loss and treatment of sexual dysfunction, according to an investigation led by the U.S. Justice Department.
The company went to extreme lengths to promote the drugs, such as distributing a misleading medical journal article and providing doctors with meals and spa treatments that amounted to illegal kickbacks, prosecutors said.
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Facebook set to begin trading after $16B offering
Stock Market News |
2012/05/19 09:30
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Facebook is about to find out just how much status updates, puppy photos and billions of "likes" are worth on Wall Street, with CEO Mark Zuckerberg ringing the Nasdaq Stock Market opening bell Friday morning from company headquarters a continent away.
Trading of Facebook's shares has been delayed, but the company's stock was set to begin moving on the Nasdaq a day after the world's definitive online social network raised $16 billion in an initial public offering that valued the company at $104 billion.
The company's valuation is more than Amazon.com's and that of other well-known companies such as Kraft, Walt Disney and McDonald's. It's a big windfall for a company that began eight years ago with no way to make money.
Facebook priced its IPO at $38 per share on Thursday, at the top of expectations. Now, regular investors will have a chance to buy stock in Facebook for the first time. The stock will trade under ticker symbol will be FB.
Facebook has come to define social networking by getting 900 million people around the world to share everything from photos of their pets to their deepest thoughts.
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Europe worries Wall Street again, and stocks fall
Stock Market News |
2012/01/05 09:36
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Stocks are mostly lower in midday trading as worries about Europe's finances outweigh encouraging news about the U.S. job market.
The euro dropped to its lowest level against the dollar in more than a year Thursday, and stocks fell sharply in Italy and Spain.
The Dow Jones industrial average lost 47 points to 12,371. The Standard & Poor's 500 fell 2 points to 1,275. The Nasdaq edged up 4 points. The losses were steeper earlier in the day.
Retailers fell after reporting so-so December revenue. Target, J.C. Penney Co., Sears and Gap were all among the worst performers in the S&P 500, down more than 3 percent.
The discouraging news on Europe and retail sales outweighed a report that the number of people filing for unemployment benefits fell last week.
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Vulcan sues Martin Marietta over takeover bid
Stock Market News |
2011/12/22 11:03
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Vulcan Materials has sued Martin Marietta in federal court, accusing the smaller gravel, sand and stone supplier of launching an illegal takeover attempt of Vulcan.
Vulcan, based in Birmingham, Ala., also on Wednesday strongly recommended that its shareholders not tender their stock to Martin Marietta, which announced a hostile bid for the company earlier this month.
Martin Marietta, based in Raleigh, N.C., has said it plans to take a stock offer directly to Vulcan shareholders after Vulcan cut off negotiations that started more than a year and a half ago.
Under the offer, valued at about $4.74 billion, Vulcan Materials Co. shareholders would get half a share of Martin Marietta Materials Inc. stock for each of their Vulcan shares. That offer valued Vulcan at $36.69 per share, a 9.4 percent premium, based on the stock's closing price Dec. 9, the last trading day before Martin Marietta's announcement.
Martin Marietta also said when it announced its bid that it had filed lawsuits in both Delaware Chancery Court and New Jersey state court to ensure Vulcan shareholders get a chance to consider its offer.
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American Airlines files for bankruptcy protection
Stock Market News |
2011/11/29 09:49
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The parent company of American Airlines filed for bankruptcy protection Tuesday, seeking relief from crushing debt caused by high fuel prices and expensive labor contracts that its competitors shed years ago.
The company also replaced its CEO, and the incoming leader said American would probably cut its flight schedule "modestly" while it reorganizes. He did not give specifics. American said its frequent-flier program would be unaffected.
AMR Corp., which owns American, was the only major U.S. airline company that did not file for bankruptcy protection after the Sept. 11 attacks, which caused a deep slump in the industry.
Bankruptcy filings allowed American's competitors to shed costly labor contracts, unburden themselves of debt and start making money again. American was stuck with higher costs, and had to match its competitors' lower fares or lose money.
Other airlines also grew by pursuing acquisitions and expanding overseas. American was the biggest airline in the world in 2008, but has been surpassed by United, which combined with Continental, and Delta, which combined with Northwest. |
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Investment Fraud Litigation |
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Securities fraud, also known as stock fraud and investment fraud, is a practice that induces investors to make purchase or sale decisions on the basis of false information, frequently resulting in losses, in violation of the securities laws. Securities Arbitration. Generally speaking, securities fraud consists of deceptive practices in the stock and commodity markets, and occurs when investors are enticed to part with their money based on untrue statements.
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