Stiefel Labs Update

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Stiefel Labs Update

New postby mike » Fri Nov 20, 2009 12:43 pm

As many residents of Northeastern Catskills know that Stiefel Labs is closing. They were bought out by GlaxoSmithKline back in July of 2009. The closing will wipe out 250-300 jobs. There are still some delusional people who believe that they can convince GSK to stay. According to some sources, the decision to shut down the plant long ago. Many believe that a majority of the layoffs will occur in the next 60 days. This will be devastating to the community. Stiefel Labs had revenue of approximately 900 million dollars per year. The company was sold for 3.6 billion dollars. Durham collects a significant amount of taxes from this property. There are also some rumors that the property will be leveled. Another rumor is that the building will be stripped and the shell will be sold. In any event, the Town of Durham and the Cairo/Durham school district will be significantly impacted.

It is also alleged that GSK is threatening to withdraw any severance pay from employees who talk to outsiders.

It is also being reported that some former employees of Stiefel Labs are suing for stock manipulation of approximately 226 million dollars. The suit alleges that the company convinced up to 200 employees to sell back their shares of stock a 1/4 of their value just prior to the purchase by GSK. You can read more of the details here: http://www.tradingmarkets.com/.site/new ... s/2412088/
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Re: Stiefel Labs Update

New postby dave » Fri Nov 20, 2009 1:06 pm

Plaintiffs: James A Bacon, Karl F Popp and Marion Burk
Defendants: Stiefel Laboratories, Inc., Charles W Stiefel, Brent D Stiefel, Todd Stiefel, Lodewijk De Vink, Committee Member #1, Committee Member #2, Committee Member #3, Matt S Pattullo, Terrence N Bogush and Bogush & Grady, LLP

Case Number: 1:2009cv21871
Filed: July 6, 2009

Court: Florida Southern District Court
Office: Miami Office [ Court Info ]
County: Miami-Dade
Presiding Judge: Senior Judge James Lawrence King

Nature of Suit: Torts - Property - Other Fraud
Cause: 29:1104 Recovery of Benefits to Employee
Jurisdiction: Federal Question
Jury Demanded By: Plaintiff
Amount Demanded: $226,000,000.00

It is reported one of the employees is from Durham, and the two others were from Florida. The three were laid off. There are a lot of angry "bees". This matter will get ugly. I understand that some of the employees in Durham (Oak Hill) are very angry. A lot of temp employees have been brought in. This clearly sounds like a "screw you" shutdown.

What makes the situation worse, is some of the local politicians who keep claiming that they are talking to GSK, and they are going to "save the day". This only makes the situation worse for those on the losing end.
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Re: Stiefel Labs Update

New postby alexis » Fri Nov 20, 2009 5:26 pm

Stiefel Labs will stop shipping products on January 4, 2010. Many layoffs expected. Some employees have already been told.
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Re: Stiefel Labs Update

New postby mike » Fri Nov 20, 2009 8:20 pm

Wow! What a real mess.
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