Mead Johnson Announces Settlement with U.S. Securities and Exchange Commission
July 28 2015 - 11:48AM
Business Wire
Mead Johnson Nutrition Company (NYSE: MJN) announced today that
it has entered into a settlement agreement with the U.S. Securities
and Exchange Commission (“SEC”) fully resolving the SEC’s
investigation of certain of Mead Johnson’s promotional practices in
China during the period 2008-2013. The investigation was first
disclosed by Mead Johnson in 2013. Under the terms of the
settlement agreement, Mead Johnson has agreed to disgorgement, as
well as the payment of pre-judgment interest and a penalty,
resulting in an aggregate payment of US$12,030,000. This payment is
in line with the expense provision the company took related to the
SEC investigation within its first quarter, 2015, as disclosed in
its form 10-Q.
The settlement agreement provides that Mead Johnson neither
admits nor denies the allegations in the settlement and order.
Further, the agreement credits Mead Johnson for its cooperation
with the investigation and for taking a number of positive steps to
bolster its compliance program, function and processes.
“We are pleased to have reached this final resolution with the
SEC. Integrity and compliance with laws and regulations are central
to the success of our operations around the world. We will continue
to reinforce these operating principles in all our interactions
with customers and business partners,” said Kasper Jakobsen, Mead
Johnson’s Chief Executive Officer. “Our China business is one of
Mead Johnson's most important operations, and we remain confident
in its continued long-term growth.”
About Mead Johnson Nutrition
Mead Johnson, a global leader in pediatric nutrition, develops,
manufactures, markets and distributes more than 70 products in over
50 markets worldwide. The company’s mission is to nourish the
world’s children for the best start in life. The Mead Johnson name
has been associated with science-based pediatric nutrition products
for over 100 years. The company’s “Enfa” family of brands,
including Enfamil® infant formula, is the world’s leading brand
franchise in pediatric nutrition. For more information, go to
www.meadjohnson.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20150728006348/en/
Mead Johnson Nutrition CompanyInvestors:Kathy MacDonald,
847-832-2182kathy.macdonald@mjn.comMedia:Christopher
Perille, 847-832-2178chris.perille@mjn.com
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