Bristol-Myers to pay $300M accounting fine

Bristol-Myers Squibb is poised to pay a $300 million fine to resolve a long-running probe of its accounting practices. The New York Times reports that the deal could be announced as early as tomorrow. If the deal is closed, it would bring Bristol-Myers' penalties in the accounting scandal to $800 million. Investigators have spent the last three years looking into the ways that the drug maker would engineer big sales to wholesalers in order to inflate their quarterly earnings report. The company admitted to the practice, saying Bristol-Myers inflated its revenue by $2.5 billion between 1999 and 2002.

- read this story from The New York Times for more

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