When the SEC went after Biopure and its executives for misleading public statements, the company escaped without financial repercussions but the GC had to pay a $40,000 fine. The Biopure settlement illustrates the increase in government scrutiny of "gatekeepers," including GCs, responsible for safeguarding shareholder interests. Says attorney William Schuman, "We're seeing more inquiries and investigations where the conduct of in-house counsel is being examined every bit as much as the businesspeople's."
September 29, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Corporate counsel are starting to look over their shoulders.
When the U.S. Securities and Exchange Commission went after Biopure Corp. and its executives for misleading public statements about the U.S. Food and Drug Administration’s review of its products, the biopharmaceutical company escaped without financial repercussions.
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