Pfizer and Subsidiary Resolved Foreign Bribery Cases With DOJ and SEC
Company: Pfizer Inc.
Summary
In August 2012, Pfizer resolved U.S. foreign-bribery investigations involving conduct by overseas subsidiaries. Pfizer H.C.P. Corporation agreed to pay a $15 million criminal penalty to resolve a Department of Justice investigation. In related SEC proceedings, Pfizer Inc. agreed to pay more than $26.3 million in disgorgement and prejudgment interest. The SEC alleged that employees and agents of Pfizer subsidiaries in multiple countries made improper payments to foreign officials to obtain regulatory approvals, formulary placements, sales and increased prescriptions. Pfizer stated that corporate headquarters had not known of or approved the conduct and emphasized that the company voluntarily disclosed issues and cooperated with authorities. Sources: U.S. Department of Justice https://www.justice.gov/archives/opa/pr/pfizer-hcp-corp-agrees-pay-15-million-penalty-resolve-foreign-bribery-investigation U.S. Securities and Exchange Commission https://www.sec.gov/enforcement-litigation/litigation-releases/lr-22438