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Harry Cassin
Publisher and Editor

Andy Spalding
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Jessica Tillipman
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Richard L. Cassin
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Julie DiMauro
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Thomas Fox
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Marc Alain Bohn
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Bill Waite
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Russell A. Stamets
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Richard Bistrong
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Eric Carlson
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DOJ declination for Bristol-Myers Squibb

Bristol-Myers Squibb said in a securities filing that the DOJ closed its FCPA investigation into the company and won’t bring an enforcement action.

In early October, Bristol-Myers Squibb paid $14.7 million to resolve charges by the SEC that its joint venture in China made cash payments and gave other benefits to health care providers at state-owned and state-controlled hospitals in exchange for prescription sales.

The SEC found that the New York-based pharma violated the Foreign Corrupt Practices Act and made more than $11 million in profits from its misconduct.

The SEC resolved the enforcement action through and internal, administrative order and didn’t go to court.

Bristol-Myers Squibb announced the DOJ declination at the bottom of the FCPA disclosure in its Form 10-Q filed with the SEC on October 27 (available here pdf):

In October 2015, the SEC approved a settlement that resulted in a resolution of the SEC’s investigation of the Company under the Foreign Corrupt Practices Act (FCPA) relating to certain sales and marketing practices in China. The Company has signed a Cease and Desist Order and has agreed to a two-year self-monitoring period of reporting to the government and a payment of approximately $14.7 million in disgorgement, penalties and interest (accrued in prior quarters). The Company has also been advised by the Department of Justice that it has closed its inquiry into this matter.

As part of the SEC resolution, Bristol-Myers Squibb agreed to report to the agency for two years on the status of its FCPA and anti-corruption compliance program.


Richard L. Cassin is the publisher and editor of the FCPA Blog. He can be contacted here.

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