scroll to top
Stuck on your essay?
Get ideas from this essay and see how your work stacks up
Word Count: 834
Late in the afternoon of December 28 2001 the fax machine at the SoHo offices of ImClone Systems spit out a stunning announcement Citing sloppy data and poor research design the FDA had spiked the companys application to file for approval for its much-anticipated cancer drug Erbitux For the officers and employees of the hot young biotech firm it was a very bad day -- and the start of two very bad years One month later in January 2002 things got worse Federal regulators announced that they were launching an investigation into possible insider trading by the companys founder and CEO Sam Waksal Within the company shock was compounded by a sense of betrayal Waksal had attempted to unload his stock just before the FDAs announcement When that news surfaced it undermined investors belief in Erbituxs efficacy casting a pall over the entire enterprise But the worst was yet to come In March 2003 after an excruciatingly painful effort to put the companys house in order ImClones officers took yet another devastating call from the Feds Improper accounting for taxes on stock options granted to the Waksal brothers Sams brother Harlan had been the companys CEO at the time and other executives meant the company would need to restate its earnings for 2001 and possibly for other years as well It could be on the hook for taxes of 60 million before penalties and interest Whats more in April ImClone was warned by Nasdaq that its stock could be de-listed if its 10-K wasnt filed by June 23 potentially triggering the collapse of all that ImClones staff had worked so hard to build We did everything we could to help but ultimately it was outside our control says Daniel Lynch ImClones incumbent CEO When the stakes are that high its pretty nerve-racking Its pound-your-head-against-the-wall Six hours short of the deadline auditors finally certified the companys financials averting the crisis Despite the accomplishment nobody suggested breaking
@Kibin is a lifesaver for my essay right now!!
- Sandra Slivka, student @ UC Berkeley
Wow, this is the best essay help I've ever received!
- Camvu Pham, student @ U of M
If I'd known about @Kibin in college, I would have gotten much more sleep
- Jen Soust, alumni @ UCLA