Ex-GC sues Bio-Rad, alleging retaliation for blowing the whistle

The former general counsel for Bio-Rad (NYSE:BIO) accused the company and CEO Norman Schwartz of firing him in retaliation for blowing the whistle on alleged violations of the Foreign Corrupt Practices Act in China. Sanford Wadler, who was general counsel and executive vice president when Bio-Rad sacked him in June 2013, alleged that he was fired right before the company was slated to present findings from its investigation into bribery in Russia, Thailand and Vietnam. Bio-Rad later agreed to a $55 million settlement with the U.S. Justice Dept. and the Securities & Exchange Commission, which found that it paid $7.5 million in bribes to drum up some $35 million in profits. Although the SEC said that the company “self-reported its misconduct and extensively cooperated during the investigation,” Wadler alleged that the company stonewalled his efforts to uncover evidence of similar bribery in China. “After learning of his employer Bio-Rad’s involvement in extensive bribery occurring in Russia, Thailand, and Vietnam, Wadler investigated evidence of similar violations of the Foreign Corrupt Practices Act in China, where corruption is notoriously endemic. Key Bio-Rad officers and directors wanted Wadler to turn a blind eye to this misconduct or sweep it under the rug, but he refused. Instead, and following his mandatory duties under federal securities laws as the company’s chief legal officer, Wadler investigated this potential criminal activity ...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Legal News Foreign Corrupt Practices Act Bio-Rad Source Type: news