Bristol-Myers under investigation

Louis Proyect lnp3 at
Thu Jul 11 09:30:44 MDT 2002

SEC opens Bristol-Myers investigation
By Adrian Michaels in New York

Published: July 11 2002 5:00 | Last Updated: July 11 2002 5:00

US regulators are investigating whether Bristol-Myers Squibb, one of the
world's largest pharmaceuticals companies, inflated its revenues by $1bn
last year.

Company officials have met the Securities and Exchange Commission to
discuss the circumstances behind sales to drug wholesalers that boosted
inventories to unsustainable levels. Regulators are asking whether the
company gave inappropriate incentives to wholesalers to help meet 2001
earnings expectations.

There is no suggestion at this stage that the company has acted improperly,
or that the creation of excessive inventories was a deliberate attempt to
inflate sales.

Louis Proyect
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