SEATTLE, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Attorney Advertising. Keller Rohrback L.L.P. (www.krcomplexlit.com) is investigating potential claims pursuant to the Employee Retirement Income Security Act of 1974 ("ERISA") against Stiefel Laboratories, Inc. ("Stiefel Labs"), a leading global dermatological pharmaceutical company, relating to its acquisition in 2009 by GlaxoSmithKline ("GSK") for approximately $3.6 billion. Prior to this deal, the fiduciaries to the Stiefel Labs Employee Stock Bonus Plan (the "ESOP") directed the company to repurchase significant amounts of employee stock from participants of the ESOP at prices believed to be well below the actual value of the company stock. For instance, many ESOP participants sold their company stock at approximately $16,500 per share immediately prior to the sale to GSK. However, the eventual $3.6 billion deal with GSK valued Stiefel Labs' company stock at approximately $68,000 per share.
Employees of Stiefel Labs and affected participants of the ESOP have already filed lawsuits against Stiefel Labs in federal court. In one recent lawsuit, the plaintiff won at trial and was awarded $1.5 million. The SEC has also filed a lawsuit against Stiefel Labs arising out of the company's repurchase of employee shares prior to the GSK sale in a complaint filed late last year.
If you or someone you know is a current or former participant of the Stiefel Laboratories, Inc. Employee Stock Bonus Plan, or if you would like additional information regarding this investigation, please contact attorneys Derek Loeser or David Ko at 800-776-6044 or via email at investor@kellerrohrback.com.
Keller Rohrback is one of America's leading law firms handling ERISA health and retirement plan litigation. We are committed to helping employees and retirees protect their health and retirement benefits. Keller Rohrback serves as lead and co-lead counsel in ERISA class actions throughout the country. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.
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