Washington (July 12, 2002) -- The Securities and Exchange Commission is investigating pharmaceutical concern Bristol-Myers Squibb Co. for allegedly inflating its revenue.
A company representative confirmed that the regulator was conducting an investigation but declined to elaborate. However, a report by the Financial Times stated that Bristol-Myers allegedly inflated sales by roughly $1 billion in an effort to meet earnings targets. Regulators are examining whether Bristol-Myers had given its wholesalers incentives to purchase over-allotments of the company’s prescription drugs.
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