Lee Executives Settle SEC Pollution Claim
Lee Pharmaceuticals, two of its executives and a director settled a Securities and Exchange Commission complaint alleging the company concealed an estimated $700,000 in environmental cleanup liabilities from shareholders from 1991 to 1996. It’s the first case alleging failure to reveal such liabilities filed by the SEC since 1980, a spokeswoman said. The El Monte company makes nail and skin care products. “It’s the most ridiculous bureaucratic thing I’ve ever run across,” said Henry L. Lee, 70, a director and former board chairman.