Post by Logan on Jan 8, 2017 4:20:25 GMT -6
When Eatontown-based Heritage Pharmaceuticals was acquired in 2011 by Emcure Pharmaceuticals, the new owners didn't hesitate to retain Jeffrey Glazer, Heritage's founder, president and CEO, and Jason Malek, its vice president of commercial operations.
They received six-figure salaries with steady annual raises. They received automobile allowances, life insurance policies and stock options. During their tenure, the company estimated that it paid them more than $23 million, court documents show.
You "all are part of my extended family," the company's chairman emailed them in 2012, according to court papers.
It didn't last. Glazer and Malek are at the center of a price-fixing scandal that has shaken up the generic drug industry. Heritage fired them in August and has sued them, accusing them of looting the company. Heritage faces a civil lawsuit from 20 states, alleging that while it was led by the two executives, the company masterminded a scheme to inflate prices. And Glazer and Malek face criminal charges from the U.S. Justice Department.
Read more: www.app.com/story/money/business/main-street/2017/01/06/heritage-pharmaceutical-price-fixing/96160098/
They received six-figure salaries with steady annual raises. They received automobile allowances, life insurance policies and stock options. During their tenure, the company estimated that it paid them more than $23 million, court documents show.
You "all are part of my extended family," the company's chairman emailed them in 2012, according to court papers.
It didn't last. Glazer and Malek are at the center of a price-fixing scandal that has shaken up the generic drug industry. Heritage fired them in August and has sued them, accusing them of looting the company. Heritage faces a civil lawsuit from 20 states, alleging that while it was led by the two executives, the company masterminded a scheme to inflate prices. And Glazer and Malek face criminal charges from the U.S. Justice Department.
Read more: www.app.com/story/money/business/main-street/2017/01/06/heritage-pharmaceutical-price-fixing/96160098/