GlaxoSmithKline to take $3.4B legal charge Triangle Business Journal Date: Monday, January 17, 2011, 2:05pm EST GlaxoSmithKline will take a $3.4 billion charge on its fourth quarter earnings as the company sets aside more money to deal with rising legal costs associated with investigations into the drug company’s sales practices as well as continuing problems with diabetes drug Avandia. In explaining the massive legal charge, GSK (NYSE: GSK) cited an ongoing investigation by Colorado authorities into sales and marketing tactics by major drug makers, including GSK. In addition, the company continues to deal with lawsuits stemming from heart ailments allegedly caused by Avandia use. U.K.-based GSK (NYSE: GSK), which bases its U.S. operations in Research Triangle Park, said the $3.4 billion is in addition to $2. 3 billion in legal charges the company took in July.
Remember that "Hee Haw" song, "If it weren't for bad luck, I'd have no luck at all. Gloom, despair, agony on me."
OH how nice to report on a three day weekend....Anyone know who left Co. at the time of this fiasco....and why...I do. Just ask, don't tell.
Everything is fine at GSK. Andrew Witty is a skilled and seasoned CEO and knows exactly what he is doing. We'll all come through 2011 just fine and GSK will be a stronger company and an even better place to work. Instead of moaning and groaning about the "bad news" let's all pitch in and make 2011 the best year ever for GSK!
Patience is a virtue. Garnier and Ingram retired on blood money from children and pregnant women....where is the real justice ??? That will be the final question in this fiasco.