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Schering settles with SEC

This article was originally published in The Rose Sheet

Executive Summary

Schering-Plough will pay $1 mil. civil penalty to the Securities and Exchange Commission to settle allegations the firm violated Regulation Fair Disclosure, SEC announces Sept. 9. If approved, penalty will be the largest SEC has obtained from a company in violation of the law. In a separate settlement, former Schering-Plough chairman and CEO Richard Kogan agrees to pay a $50,000 civil fine to the agency, marking the first time an individual has been penalized under the reg. SEC alleged that Kogan disclosed market-sensitive information, including the firm's earnings prospects, to select investors late last year. The exec stepped down from his post in November and was replaced by Fred Hassan in April (1"The Rose Sheet" April 28, 2003, In Brief)...

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