Qwest and Imclone

[Anonymous]

In those two cases, where the CEO went down, paid fines, did jail time for similar behavior to Gold....

Did the company itself face sanctions?

Hope someone here knows the history.

 

[Anonymous]

In those two cases, where the CEO went down, paid fines, did jail time for similar behavior to Gold....

Did the company itself face sanctions?

Hope someone here knows the history.

"The SEC’s 2005 civil fraud lawsuit initially pursued a case against six Qwest employees, claiming they committed fraud and misled investors in 2000 and 2001, either by improperly booking revenue or by hiding from investors the real nature of contracts covering network capacity trades between Qwest and other companies.

Qwest and its board, in a separate case, agreed to pay the SEC $250 million in a 2005 settlement."

So regarding Qwest there was a $250 million settlement with the SEC besides the individual suits to Nacchio and others. There was also a $400 million class action settlement.

The destruction that ex-CEO did to DNDN, investors, employees and cancer patients is incalculable. This is one of the most disgusting animals in the history of the world. Easily in the top 100 worst people ever.

 

[Anonymous]

"Leading Monday's corporations and securities law news, ImClone Systems Inc. [corporate website] has agreed to settle a class-action shareholder lawsuit from 2002 for $75 million. The lawsuit accused the company of making false and misleading statements about a prospective drug. The settlement comes a week after ImClone's former CEO settled an insider trading case [SEC press release] with the SEC for more than $5 million. ImClone agreed to settle the case to save both money and management distractions. The settlement still needs to be court-approved. ImClone also announced it will settle a consolidated shareholder derivative action and will get $8.75 million in cash from insurance companies to pay the settlement."

It is interesting that insurance paid only $8.75 million of the $75 million class action case against Imclone. Just goes to show you that when there are crimes, insurance seems to only pay a small amount. DNDN probably will have to pay most of its fines and settlements because this is all criminal stuff. Stick a fork in it. Bye Bye....

 

[Anonymous]

They will definitely take away all the money Gold made.

But, it the company paid $75M or even $100M and had this behind them, that would be a huge win!

It would hurt, but it hurts more to have the distraction and uncertainty.