When prosecuting a company for securities fraud, the government has historically focused on the company's dissemination of false financial information, information that is objective and easily quantifiable.
The New SEC-FDA Alliance
On Feb. 5, 2004, the FDA and the SEC announced a new alliance between the two agencies. In a press release describing the changes, the FDA explained that "[u]nder the new referral procedure, any FDA employee who believes a publicly held, FDA-regulated firm has made a false or misleading statement to the investment public concerning a matter within the FDA's authority can initiate a process for referring the matter to the SEC Division of Enforcement."
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Jacqueline C. Wolff And Kate GreenwoodThis premium content is locked for Business Crimes Bulletin subscribers only
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