Solaron research warns of serious governance risks 12 months before company hit with $492m fine GlaxoSmithKline plc.
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Solaron research warns of serious governance risks 12 months before company hit with $492m �ne
GlaxoSmithKline plc.
GLAXOSMITHKLINE (GSK)
GlaxoSmithKline plc. is a UK-based firm listed on the London Stock Exchange and is one of the world's largest pharmaceutical companies.
GSK has been hit by a number of controversies linked to poor govern-ance practices in recent years. It is also facing a class action lawsuit for promoting an anti-nausea drug (Zofran) to pregnant women, which has since been linked to a number of birth defects.
In August 2013 Solaron’s research warned of a number of governance issues at GSK including:
• Poor marketing practices in a number of major markets including China.• Evidence of unethical clinical trials.• Product safety concerns.
August 2013 Solaron research uncovers significant governance risks at GSK.
May 2014 UK Serious Fraud Office and US Department of Justice launch investigations into GSK.
September 2014 GSK fined US$492 million for bribery in China with 17% drop in China sales and 6% drop in share price.
February 2015 First Zofran lawsuit filed, with another 34 filed by September 2015.
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