Bio-Rad Laboratories, Inc. (NYSE:BIO) Investor Filed Petition To Gain Access To Certain Company Records Over Settlement

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Company Name(s): 
Bio-Rad Laboratories
Case Name: 
Bio-Rad Laboratories Investor Petition 04/27/2015
Affected Securities
NYSE: BIO
Lawsuit Overview
Type of Lawsuit: 
Other
Date Filed: 
04/27/2015
Summary: 

April 28, 2015 (Shareholders Foundation) - An investor in Bio-Rad Laboratories, Inc. (NYSE:BIO) filed a petition in effort to get access to certain company records over a $55 million FCPA settlement.

Bio-Rad Laboratories, Inc. disclosed, in May 2010, that it disclosed to the U.S. Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) certain likely or potential violations of the U.S. Foreign Corrupt Practices Act (“FCPA”) and that effective November 3, 2014, Bio-Rad Laboratories, Inc. entered into a non-prosecution agreement with the DOJ and consented to the entry of an Order by the SEC, which actions resolve both the DOJ and the SEC investigations.

Bio-Rad Laboratories, Inc. said that the non-prosecution agreement concerned violations of the FCPA’s books and records and internal control provisions related to Russia during 2005-2010 and that pursuant to the non-prosecution agreement, Bio-Rad Laboratories, Inc paid a penalty of $14.4 million and agreed to certain compliance, reporting and cooperation obligations, and the DOJ agreed that it will not criminally prosecute Bio-Rad Laboratories, Inc for any crimes related to conduct disclosed to the DOJ, provided that Bio-Rad Laboratories, Inc performs its obligations under the non-prosecution agreement for two years.

Bio-Rad Laboratories, Inc said that the SEC Order concerned violations of the FCPA’s books and records, internal controls, and anti-bribery provisions related to Russia, and violations of the FCPA’s books and records and internal controls provisions related to Vietnam and certain of Bio-Rad Laboratories, Inc’s Thailand operations during 2005-2010 and that pursuant to the SEC Order, Bio-Rad Laboratories, Inc paid a total of $40.7 million that included $35.1 million in disgorgement and $5.6 million in interest, and agreed to make certain reports to the SEC on Bio-Rad Laboratories’ anti-corruption compliance and remediation efforts over the next two years, and to cease and desist any violations of the FCPA.

The investor claims that it asked Bio-Rad Laboratories, Inc in March 2015 to get access to certain company documents in regards to the settlement stretching back to 2005 but was denied by Bio-Rad Laboratories’ counsel who said that there was no proper purpose for the demand and that it didn't meet the standards under Section 220 of Delaware's corporate law code.