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 | Investigations Dataset

Stanford Foreign Corrupt Practices Act Clearinghouse a Collaboration with Sullivan & Cromwell LLP

Investigations Dataset

 
Investigation into Novartis' Activities in South Korea · Novartis AG

Information & Summary

Investigation into Novartis' Activities in South Korea

Related FCPA Matter:   Novartis' Involvement in Multiple Countries between 2012 and 2016 Information

Information & Summary

Investigation Name:    Investigation into Novartis' Activities in South Korea

Trend:    None

Type of investigation:    SEC, DOJ

Other Agencies Investigating/Assisting with SEC/DOJ Investigation:   

  • Seoul District Prosecutor's Office

Whistleblower:    Unknown

Summary

Novartis AG was a global provider of pharmaceutical and healthcare products incorporated and headquartered in Switzerland. Novartis' securities were registered with the SEC and traded on the New York Stock Exchange.

In its 6-K filed on April 21, 2016, Novartis disclosed that the the Seoul Western District Prosecutor had initiated a criminal investigation in the first quarter of 2016 into allegations that Novartis Korea utilized medical journals to provide inappropriate economic benefits to healthcare professionals. Korean officials subsequently initiated an enforcement action.

In its 20-F filed on January 29, 2020, Novartis disclosed that the DOJ and SEC had requested information from the company in connection with the matter, and the company said it was cooperating.

The DOJ and SEC instituted enforcement actions against Novartis on June 25, 2020.

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