Sunday, January 9, 2011

Part IV of IV: "What It All Means" | Pharmacia To Schering-Plough


I had originally envisioned this as a much longer concluding post, on the claims and allegations from the federal civil ERISA and derivative class action suits that flowed from the Bextra®/Celebrex® fiasco at Pharmacia (while run by Hassan and Cox -- later acquired by Pfizer).

Upon reflection, I think a simple short summation will better serve the readership: This (the Pharmacia fact pattern) is powerful evidence of alleged "pattern conduct" -- across three separate companies, now (if we go back to AHP) -- each of which shared the distinguishing common trait of Hassan-Cox "leadership".

Thus, this -- what happended with ENHANCE -- is not an isolated lapse of oversight. That pattern conduct led to the bust-up, and death of legacy Schering-Plough, after more than a half century of successes.

Truly disgusting -- as it was all-too preventible, had there been even passable oversight by the board of directors (especially Hans Becherer, and/or Patricia Russo), or more aggressive enforcement in the DoJ in the 2001 through 2005 timeframe. But that was 'Berto Gonzales' time. And some 30,000 are out of work, and have lost their careers, because of it. Untold billions were also lost by innocent shareholders, many of whom were retireees, deprived their life-savings, as well.

Astonishing.

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