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Violation Tracker Individual Record

Company: Bristol-Myers Squibb Company
Current Parent Company: Bristol-Myers Squibb
Penalty: $150,000,000
Year: 2004
Date: August 4, 2004
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Violation Description: Bristol-Myers Squibb Company agreed to pay $150 million to settle allegations that it perpetrated a fraudulent earnings management scheme by, among other things, selling excessive amounts of pharmaceutical products to its wholesalers ahead of demand, improperly recognizing revenue from $1.5 billion of such sales to its two largest wholesalers and using cookie jar reserves to meet its internal sales and earnings targets and analysts' earnings estimates.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: pharmaceuticals
Specific Industry of Current Parent: pharmaceuticals
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.