STADA: Completion of the compliance investigation
11/28/2018 - 08.00 AM . Press Release
Bad Vilbel, November 28, 2018 – STADA today announces that it has completed a thorough investigation, which commenced at the end of 2016, into potential compliance violations within the business. As a result, there are no pending or expected legal disputes in relation to former members of the Management Board or employees in relation to this investigation. The STADA Supervisory and Management Board appointed external legal counsel to undertake and oversee the investigation.
Based on the results of the investigation, the Supervisory Board and the Management Board intend to recommend that the formal resignations of Dr. Matthias Wiedenfels and Helmut Kraft in the financial years ended 31 December 2016 and 2017 respectively are approved at the next Annual General Meeting on May 29, 2019. The decision to formally approve their resignations had been postponed in the prior years’ Annual General Meetings as a result of the ongoing compliance investigation at the time.
Following the conclusion of the compliance investigation, STADA and Dr. Matthias Wiedenfels resumed negotiations and reached an agreement in relation to the terms of his resignation, which had been suspended until the investigation had been concluded. An agreement had already been reached with Helmut Kraft in relation to his resignation. Both gentlemen deserve sincere thanks for their many years of service to STADA.
Dr. Günter von Au, Chairman of the Supervisory Board states: "The completion of the compliance investigation marks the end of a difficult chapter for STADA. The investigation was conducted without compromise, with full disclosure to the relevant parties and required considerable resources and I would like to express my sincere thanks to the employees involved, the Management Board and my current and former colleagues on the Supervisory Board for their personal commitment. This investigation and the significant involvement from individuals at STADA have demonstrated the Group’s full commitment and focus on corporate governance without exception."
About STADA Arzneimittel AG
STADA Arzneimittel AG is a publicly-listed company with headquarters in Bad Vilbel, Germany. The company focuses on a three-pillar strategy consisting of generics, non-prescription OTC products and specialty pharmaceuticals, biosimilars in particular. Worldwide, STADA is represented in about 30 countries with roughly 50 subsidiaries. Branded products such as Grippostad and Ladival are among the highest selling in their product categories in Germany. In financial year 2017, STADA achieved adjusted Group sales of Euro 2,255.3 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of Euro 433.9 million and adjusted net income of Euro 195.6 million. As of December 31, 2017, STADA employed 10,176 people worldwide.
Additional information for journalists:
STADA Arzneimittel AG / Media Relations / Stadastrasse 2–18 / 61118 Bad Vilbel – Germany / Phone: +49 (0) 6101 603-165 / Fax: +49 (0) 6101 603-215 / E-Mail: press(at)stada.de
Additional information for capital market participants:
STADA Arzneimittel AG / Investor & Creditor Relations / Stadastrasse 2–18 / 61118 Bad Vilbel – Germany / Phone: +49 (0) 6101 603-4689 / Fax: +49 (0) 6101 603-215 / E-mail: ir(at)stada.de