Shacknai Accountants Given Largest Fine Ever!

[Betty P]

Last spring, Medicis Pharmaceutical settled a lawsuit by paying $18 million in damages to both Ernst & Young and Medicis stockholders. The reason they had to pay damages to E&Y was because they made changes to their accounting for several years that inflated the value of their company & its stock.

http://www.pomerantzlaw.com/sites/default/files/doc/00023111.pdf

E&Y is being fined now because they were supposed to have caught and reported Medicis' accounting shenanigans. So, the misrepresentation of Medicis' value originated with Medicis.

 

[*Lash*]

Informative article on Jonah and Medicis-

Snip- And the 54-year-old CEO has been seen by many as a whip-smart and relentless promoter — so relentless that he reportedly calls about 1,500 dermatology customers each year on their birthdays.

...“Jonah is very much the blood that runs through Medicis,” said Gary Nachman, a Wall Street analyst with the Susquehanna International Group. “They are a very meaningful player in the dermatology market.”

...Many locals were perturbed by Shacknai’s seeming eagerness to challenge rules he had agreed to. “I thought he was as arrogant as hell,” said Jeff Alison, a neighbor who attended City Hall meetings on the proposed renovations. “It was his way or the highway.”

...According to The Arizona Republic, Shacknai ranked ninth last year among the top 10 highest-paid CEOs and executives in the state. He earned a reported $6.4 million, the newspaper reported.

...Shacknai and his company have been the target of several lawsuits over finances, including a class-action lawsuit filed by investors who claim that Medicis inflated stock prices between 2003 and 2008, according to federal court records. The case is making its way through court in Arizona.

http://www.utsandiego.com/news/2011...ion-owner-described-go-getter/?page=2#article

 

[Betty P]

That's an interesting article, very informative. Kind of shocking to hear JS's first wife say that, on their honeymoon, he suggested the marriage was a mistake.

JS has worked very hard for many years to make his business a success. That's probably the reason why I've not considered him a party to anything that would harm MS or RZ. He's too smart to risk his corporation and personal reputation.

I do, however, see him as someone who would go to great lengths to cover up scandal, particularly if someone else he knew was involved in hurting MS or RZ.

 

[CuriousGeorgia]

That's an interesting article, very informative. Kind of shocking to hear JS's first wife say that, on their honeymoon, he suggested the marriage was a mistake.

JS has worked very hard for many years to make his business a success. That's probably the reason why I've not considered him a party to anything that would harm MS or RZ. He's too smart to risk his corporation and personal reputation.

I do, however, see him as someone who would go to great lengths to cover up scandal, particularly if someone else he knew was involved in hurting MS or RZ.

Or someone that would go to great lengths to cover up scandal, if Rebecca had killed herself and there was quite a bit of information about her/their "unconventional" love life in the files, IMO.

 

[justice be served]

http://www.businessweek.com/news/20...uy-medicis-pharmaceutical-for-2-dot-6-billion

Valeant is buying Medicis for $2.6 billion. Now that the long rumored deal is done, perhaps JS's position on Rebecca's death will be less surreptitious?

 

[Tink56]

Or someone that would go to great lengths to cover up scandal, if Rebecca had killed herself and there was quite a bit of information about her/their "unconventional" love life in the files, IMO.

What a huge leap! On what do you base your opinion?

 

[Tink56]

http://www.businessweek.com/news/20...uy-medicis-pharmaceutical-for-2-dot-6-billion

Valeant is buying Medicis for $2.6 billion. Now that the long rumored deal is done, perhaps JS's position on Rebecca's death will be less surreptitious?

Just heard this on the evening news. I've wondered if the request to reopen MS death investigation is not a prelude to a wrongful death suit against JS.

 

[justice be served]

Just heard this on the evening news. I've wondered if the request to reopen MS death investigation is not a prelude to a wrongful death suit against JS.

If it is a prelude to a wrongful death suit, then this news is well timed for that potential.

 

[MyBelle]

Just heard this on the evening news. I've wondered if the request to reopen MS death investigation is not a prelude to a wrongful death suit against JS.

I think it will happen.

 

[K_Z]

Again we agree! I totally agree that a wrongful death suit by Dina against Jonah is just a matter of months away. Before July 2013, when SOL expires.

 

[K_Z]

http://www.fiercebiotech.com/story/...portfolio-26b-buyout/2012-09-03#ixzz25RcTErRQ

Valeant scoops up Medicis' dermatology portfolio in $2.6B buyout

September 3, 2012 | By John Carroll

Valeant has scooped up Medicis Pharmaceutical's product portfolio and pipeline of dermatology drugs, creating a new subsidiary for itself in the $2.6 billion acquisition. And Valeant ($VRX) has already scoped out $225 million in cost "synergies" it plans to weed out of the newly acquired subsidiary within 6 months.

Read more: Valeant scoops up Medicis' dermatology portfolio in $2.6B buyout - FierceBiotech http://www.fiercebiotech.com/story/...portfolio-26b-buyout/2012-09-03#ixzz25U0JxCQz

Umm....Dina? Did you see this?

http://www.fiercebiotech.com/story/...s-dermatology-portfolio-26b-buyout/2012-09-03

 

[freespeech]

"Medicis Pharmaceutical sees net income cut nearly in half"

"For the three months ended June 30, Medicis reported $14.9 million in net income on $196.6 million in revenue, compared with $28.8 million in net income on revenue of $190.8 million during the same period a year earlier. For the six months ended June 30, Medicis reported a net income of $20.3 million on revenue of $398.3 million, compared with $48.1 million in net income on revenue of $323.2 million during the first half of 2011."

http://www.bizjournals.com/phoenix/news/2012/08/08/medicis-pharmaceutical-sees-net-income.html

 

[freespeech]

"Layoffs expected at Medicis after $2.6B sale"

"Both Pearson and Medicis Founder, Chairman and CEO Jonah Shacknai, declined interviews with the Phoenix Business Journal to answer whether Shacknai will stay with the company he created.

It appears that Shacknai will not stay, based on two assessments.

One, usually press releases will spell out the new role for the CEO in the combined company. It didn’t this time.

Two, Pearson told investors in the conference call today that there are no employment agreements with Medicis senior management."

http://www.bizjournals.com/phoenix/blog/business/2012/09/layoffs-expected-at-medicis-after.html

 

[screecher]

Or someone that would go to great lengths to cover up scandal, if Rebecca had killed herself and there was quite a bit of information about her/their "unconventional" love life in the files, IMO.

Now, now CuriousGeorgia. What happened to this being a 'victim's board' where the victims are not to be trashed? :notgood:

 

[screecher]

http://www.fiercebiotech.com/story/...portfolio-26b-buyout/2012-09-03#ixzz25RcTErRQ

Valeant scoops up Medicis' dermatology portfolio in $2.6B buyout

September 3, 2012 | By John Carroll

Valeant has scooped up Medicis Pharmaceutical's product portfolio and pipeline of dermatology drugs, creating a new subsidiary for itself in the $2.6 billion acquisition. And Valeant ($VRX) has already scoped out $225 million in cost "synergies" it plans to weed out of the newly acquired subsidiary within 6 months.

Read more: Valeant scoops up Medicis' dermatology portfolio in $2.6B buyout - FierceBiotech http://www.fiercebiotech.com/story/...portfolio-26b-buyout/2012-09-03#ixzz25U0JxCQz

Umm....Dina? Did you see this?

http://www.fiercebiotech.com/story/...s-dermatology-portfolio-26b-buyout/2012-09-03

"Medicis Pharmaceutical sees net income cut nearly in half"

"For the three months ended June 30, Medicis reported $14.9 million in net income on $196.6 million in revenue, compared with $28.8 million in net income on revenue of $190.8 million during the same period a year earlier. For the six months ended June 30, Medicis reported a net income of $20.3 million on revenue of $398.3 million, compared with $48.1 million in net income on revenue of $323.2 million during the first half of 2011."

http://www.bizjournals.com/phoenix/news/2012/08/08/medicis-pharmaceutical-sees-net-income.html

"Layoffs expected at Medicis after $2.6B sale"

"Both Pearson and Medicis Founder, Chairman and CEO Jonah Shacknai, declined interviews with the Phoenix Business Journal to answer whether Shacknai will stay with the company he created.

It appears that Shacknai will not stay, based on two assessments.

One, usually press releases will spell out the new role for the CEO in the combined company. It didn’t this time.

Two, Pearson told investors in the conference call today that there are no employment agreements with Medicis senior management."

http://www.bizjournals.com/phoenix/blog/business/2012/09/layoffs-expected-at-medicis-after.html

:what:

WOW. Just WOW. I have no words.

 

[freespeech]

I wonder if the new media storm that Dina has stirred up has anything to do with the decision to sell.

I would think that the above combined with the huge drop in earnings and increased payout for fines probably helped in the final demise of Medicis.

This company could not survive all the negative publicity. I wonder how Medicis was named "The World's Most Ethical Company" 2 years in a row when they were caught and fined for cooking the books?

http://www.medicis.com/company/awards.asp

 

[justice be served]

:what:

WOW. Just WOW. I have no words.

Now that the deal is done, maybe JS will make public statements? We can only hope. No, not that hopeful. Maybe things are about to break in a big way? Yes, hopeful for that.

 

[screecher]

I do confess, I'm more than a little curious as to how fast Dina Romano's head is spinning.

Within a month's time, I suspect a filing at the courthouse. Yikes.

JMO

 

[CuriousGeorgia]

Now, now CuriousGeorgia. What happened to this being a 'victim's board' where the victims are not to be trashed? :notgood:

Seeing how Rebecca choose to kill herself, I believe that is not trashing the victim. IMO, it was a personal "message" to Jonah. There was also searched on "Asian bondage anime" while RZ and XZ were the only ones home on Tuesday. So it is relevant, not bashing.

 

[CuriousGeorgia]

I do confess, I'm more than a little curious as to how fast Dina Romano's head is spinning.

Within a month's time, I suspect a filing at the courthouse. Yikes.

JMO

And how is this not bashing Dina?