I was contacted by a NY law firm re. a class action suit related to 401K's. Anyone else?
Class Action Re. 401K's?
- Thread starter Anonymous
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No- but we did use your pension money ($262 million), from 5/2004 to 5/2009 as a source of funding and cash flow during the formation of the stock option growth plan. After cashing those out we made the pension plan whole and TW annouced it cleverly in one of those quarterly earnings call. Ha, he was even on the Abbott/Hospira executive transition "team".
Some of the highlights of the stock option growth plan included $22 milliom to CEO and $8 million to COO. We were able to grant all the way down to warehouse packing associates a few shares for them to enjoy. Hope their timing on cashing them out was as good as ours!
Best of the Holiday Season,
The Transition Team.
Some of the highlights of the stock option growth plan included $22 milliom to CEO and $8 million to COO. We were able to grant all the way down to warehouse packing associates a few shares for them to enjoy. Hope their timing on cashing them out was as good as ours!
Best of the Holiday Season,
The Transition Team.
Dear Colleagues,
There have been a number of questions from employees about litigation recently filed against Hospira, which alleges violations of federal securities laws. Lawsuits like this are fairly typical when a public company, like Hospira, suffers a significant drop in its stock price. Hospira very firmly denies the allegations of the litigation and will vigorously defend against the litigation.
As a reminder, if you receive any external inquiries related to this litigation, please direct them to Legal, Investor Relations or Public Affairs.
Regards,
Brian Smith
Senior Vice President,
General Counsel and Secretary
When have they ever admitted to any wrong doing?????? That's the standard M.O., Lie and deny. That is their brand of integrity. Check out the prisons.they are full of people who said they did nothing wrong.
Brian Smith is another one of Begley's puppets.
What do they deny?
Project Fuel and Lean was not for personal gain? Never mind the Millions they raked in.
Every employee that didn't have their head in the sand knew that the cost cutting would cripple plants and severly impact Quality.
No body is going to speak out when they are threatening your job.
Who made out the best in the whole ordeal? Corporate Gang (Begley,Werner,Sumant,Smith,Kearney,Myers,Pinhead, Doopey, Sleepy and the rest of them)
*Online listing of Insider trades for the last 2 years per Yahoo finance.*
http://biz.yahoo.com/t/96/6338.html
SMITH BRIAN J: Declared Holdings
Company/Relationship Reported Shares Ownership
Hospira Inc
Officer
Date Shares Stock Transaction AdChoices
24-Feb-11 3,370 HSP Option Exercise
24-Feb-11 4,758 HSP Disposition (Non Open Market) at $52.46 per share.
(Value of $249,604)
24-Feb-11 12,630 HSP Acquisition (Non Open Market) at $0 per share.
13-Apr-10 80,000 HSP Option Exercise at $26.50 per share.
(Cost of $2,120,000)
13-Apr-10 80,000 HSP Automatic Sale at $57.50 per share.
(Proceeds of $4,600,000)
Most of the people doing time in prison stole far less.
It's what passes for justice in America baby...Steal a pack of gum get 10 years in prison and daily bum phuckings. Loot a public company and steal millions and get off scott-free!
Did the recent loan to Hospira for a billion dollars have anythng to do with the lawsuits that face Hospira. Or was it for the correction of problems the company has. And on top of that I see that ALL the money is to be spent in other countries. And the big amount will be in India.This is not comforting. It appears that the companies future lies overseas or at least that is the impression that the underlings have.....
Impression that the underlings have? You be an outsider. It's called the India Strategy within HSP and it's not a secret. If I worked in one of the U.S. Plants I would consider myself a temp/short timer.
typical HSP a day late and a dollar short. Don't they know many companies are reevaluating India and China strategies. Many are bringing their manufacturing back home due to several things two of which are low quality vs cost. With the increase in wages in these countries the labor cost advantage is not worth the extra shipping costs.
Begley has a vendeta against the employees for the class action lawsuit.
Interesting. We shall see if anyone "does time." Some people get caught. Others do not. Blago got caught and has to serve 14 years in prison. Who is next?
Maybe this is an indication of what is to come when the class action suit comes to a conclusion. This is the outcome of the last class action lawsuit (these are the facts):
Verdict for Hospira in ERISA Class-Action Lawsuit
U.S. District Court for the Northern District of Illinois
April 23, 2010
On April 23, 2010, the United States District Court for the Northern District of Illinois found in favor of our client Hospira, Inc. and Abbott Laboratories on all counts of an ERISA class-action lawsuit filed against both companies in 2004. In the lawsuit, representatives of an 8,000-employee class claimed that Hospira and Abbott intended to interfere with their retirement benefits through Abbott's spin-off of its Hospital Products Division, which established Hospira as an independent company, and the implementation of a two-year reciprocal no-hire policy. The suit, in which the plaintiff class sought over $300 million in lost employee benefits, was tried over a period of three weeks in 2009.
In a 97-page opinion, the Court found that neither Hospira nor Abbott violated ERISA in connection with the spin off or the no-hire policy. Of critical importance to the Court's decision was the testimony of the defendants' witnesses, including Hospira's CEO and COO, which the Court found was "highly credible, internally consistent, and amply corroborated by the unquestionably authentic documentary evidence." In ruling in favor of the defendants, the Court also vindicated Abbott's and Hospira's strategic decisionmaking and human resource policies relating to the spin off. The Court explained that "Hospira has been a successful, profitable enterprise in the years since the spin, no doubt in large part because it retained the talent it had at the time it became independent of Abbott."
Well, in the end Hospira and Abbott came out on top.
Verdict for Hospira in ERISA Class-Action Lawsuit
U.S. District Court for the Northern District of Illinois
April 23, 2010
On April 23, 2010, the United States District Court for the Northern District of Illinois found in favor of our client Hospira, Inc. and Abbott Laboratories on all counts of an ERISA class-action lawsuit filed against both companies in 2004. In the lawsuit, representatives of an 8,000-employee class claimed that Hospira and Abbott intended to interfere with their retirement benefits through Abbott's spin-off of its Hospital Products Division, which established Hospira as an independent company, and the implementation of a two-year reciprocal no-hire policy. The suit, in which the plaintiff class sought over $300 million in lost employee benefits, was tried over a period of three weeks in 2009.
In a 97-page opinion, the Court found that neither Hospira nor Abbott violated ERISA in connection with the spin off or the no-hire policy. Of critical importance to the Court's decision was the testimony of the defendants' witnesses, including Hospira's CEO and COO, which the Court found was "highly credible, internally consistent, and amply corroborated by the unquestionably authentic documentary evidence." In ruling in favor of the defendants, the Court also vindicated Abbott's and Hospira's strategic decisionmaking and human resource policies relating to the spin off. The Court explained that "Hospira has been a successful, profitable enterprise in the years since the spin, no doubt in large part because it retained the talent it had at the time it became independent of Abbott."
Well, in the end Hospira and Abbott came out on top.
Asshole it isn't over yet and those are NOT the facts but a decision made by a bought and paid for crooked judge. Yes ultimately white and bugerly may win this round but the final decisions have not come down yet. They also will have to be constantly looking over their shoulder.