Robbins LLP Is Investigating the Officers and Directors of Bio-Rad Laboratories, Inc. (BIO) on Behalf of Shareholders
Robbins LLP is investigating whether certain officers and directors of Bio-Rad Laboratories, Inc. (NYSE: BIO) breached their fiduciary duties to shareholders. Bio-Rad manufactures and supplies products and systems used to separate complex chemical and biological materials, as well as to identify, analyze, and purify their components for life science research, healthcare, analytical chemistry, and other markets.
U.S. Securities and Exchange Commission Charges Bio-Rad with Violating the Foreign Corrupt Practices Act
On November 3, 2014, the U.S. Securities and Exchange Commission and the U.S. Department of Justice charged Bio-Rad with making unlawful payments to government officials in violation of the Foreign Corrupt Practices Act. Specifically, Bio-Rad is charged with making unlawful payments to officials in Thailand and Vietnam between 2005 and 2010. The company was also charged with securing profitable public contracts in Russia by unlawfully paying commissions to intermediaries who passed along a portion of their commissions to Russian government officials. According to the agencies, Bio-Rad paid approximately $7.5 million in bribes to officials in the three countries from 2005 to 2010 to obtain or retain business in those countries, enabling it to secure $35 million in illicit profits. In conjunction with the charges, Bio-Rad has agreed to pay over $55 million to resolve the allegations.
In light of this news, Robbins LLP is investigating whether Bio-Rad’s board of directors breached its fiduciary duties to shareholders by failing to ensure that the company maintained compliance with the law.
Bio-Rad Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.