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- Novartis Pays 25 Million to Settle Allegations of FCPA Violations in China
Novartis Pays $25 Million to Settle Allegations of FCPA Violations in China
March 25, 2016, Covington Alert
On March 23, 2016, Novartis AG (“Novartis”) agreed to pay $25 million to settle civil charges with the Securities and Exchange Commission (“SEC”) alleging that it violated the Foreign Corrupt Practices Act (the “FCPA”) by paying bribes to healthcare professionals (“HCPs”) in China from 2009 to 2013 to increase sales. Employees and managers of its two China-based subsidiaries attempted to hide the improper payments by using complicit third party agents and by improperly recording them as legitimate expenses for travel and entertainment, conferences, educational events, and medical studies. These books and records were later consolidated into the financial reports of Novartis, which is listed on the New York Stock Exchange. This conduct resulted in violations of the books and records and internal accounting controls provisions of the FCPA.
November 6, 2017, Covington Alert
China has recently announced several initiatives to reform its regulation of drugs and medical devices that could have a significant impact on pharmaceutical and medical device companies doing business in China.
March 2016, Covington Alert
On March 1, 2016, the Securities and Exchange Commission announced an agreement with Qualcomm Incorporated to settle charges that it violated the Foreign Corrupt Practices Act by hiring relatives of Chinese government officials to gain business advantages in the Chinese telecommunications market. The SEC also alleged that Qualcomm provided gifts, travels, and ...
March 28, 2013
WASHINGTON, DC, March 28, 2013 — Lanny A. Breuer, most recently the Assistant Attorney General for the Criminal Division at the U.S. Department of Justice, is returning to Covington & Burling as Vice Chair of the firm. Mr. Breuer’s practice will encompass a wide range of civil and criminal litigation matters, as well as governmental and internal investigations. ...