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Pfizer: SEC Foreign-Bribery Unit Has Formally Asked Company For Info

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Pfizer: SEC Foreign-Bribery Unit Has Formally Asked Company For Info

Pfizer Inc. (NYSE: PFE) has disclosed in its earnings report that it received an official request for information from the US Securities and Exchange Commission, according to The Wall Street Journal.

What Happened: The pharmaceutical company received formal requests regarding its operations in China and Russia from the SEC’s foreign-bribery unit and the U.S. Justice Department in August and June. The inquiries were sent from the agencies’ Foreign Corrupt Practices Act units.
Foreign corrupt units monitor possible illegal relations between companies and local authorities.

Pfizer also revealed it had received similar requests the year before.

Why It Matters: The pharmaceutical industry has been under regulatory scrutiny for years.

In 2012, Pfizer reached a $60.2 million agreement with the Justice Department and the SEC settling allegations of corruption in several countries in Europe and Asia.
Price Action: Pfizer stock traded at $36.59, a gain of 0.52%, in the after-hours.

Image Source: Wikimedia

 

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