Hints and tips:
...A 2009 Supreme Court case involving prescription drug labels, Wyeth v Levine, greenlighted state laws that are stricter than federal laws....
...In December 2015, SAC paid $10m to investors in Wyeth in another class action....
...The court was told that he received information on a Sunday in July 2008 and, on the Monday, SAC dumped its entire $700m position in Wyeth and Elan, co-developers of the drug, and bet – correctly – that...
...The sale and subsequent bets that shares of Elan and Wyeth would drop allegedly resulted in the largest single insider trading offence in US history, making SAC $276m in profits and avoided losses....
...When the results were announced shares of Elan and Wyeth dropped. SAC made $276m in profits and avoided losses....
...They went back and forth over whether employees at Elan and Wyeth, co-developers of the experimental drug, had access to the data....
...Prosecutors allege Sidney Gilman, the chairman of the safety committee for the joint trial by drug companies Elan and Wyeth, was “flattered” by Mr Martoma and gave him the confidential results before they...
...Mr Martoma, who has pleaded not guilty, allegedly caused SAC to sell its entire $700m stake in Elan and Wyeth, a co-developer on the drug trial, before the July 29 announcement....
...Mathew Martoma, a former SAC portfolio manager, was charged last year with trading shares of Wyeth and Elan, the two pharmaceutical companies sponsoring an Alzheimer drug trial, after receiving advance test...
...The following morning, a Monday, SAC dumped its entire $700m position in Wyeth and Elan, co-developers of the drug, and bet that their share prices would fall....
...Mr Martoma has pleaded not guilty to allegations that he traded shares of Wyeth and Elan Pharmaceuticals after he learnt from a doctor advising on a clinical drug trial that the results would disappoint....
...It also says that a decision to sell short Elan – betting its price would fall – merely balanced a long position in Wyeth....
...Three days later Steven Cohen, founder of SAC, began dumping the fund’s entire position in Elan and Wyeth....
...Mr Brown said SAC initially gave the government emails related to the trades in Elan and Wyeth before Mr Martoma was indicted....
...The hedge fund has agreed a $602m settlement of civil charges with the SEC relating to trading in two pharmaceutical stocks, Elan and Wyeth, without admitting or denying wrongdoing....
...They alleged that he sold shares in drug companies Wyeth and Elan based on non-public information that indicated results of a clinical trial would be disappointing....
...Authorities believe Dr Gilman told Mr Martoma the clinical drug trial results for a promising Alzheimer's drug developed by Elan and Wyeth were going to disappoint....
...were matched almost perfectly to offset an equity swap that effectively provided the fund with exposure to 12 million Wyeth shares, according to the SAC documents....
...US authorities say that SAC avoided losses of $194m and made $83m profit by betting against the share prices of pharmaceutical companies Wyeth and Elan ahead of the results of an Alzheimer’s drug trial....
...SAC paid $602m to settle allegations that the company made more than $275m in profits and avoided losses by trading before negative clinical drug trial results from Elan and Wyeth were made public, without...
...As previously reported, federal investigators examining SAC are looking into trading in stocks including Weight Watchers, InterMune, Elan, Wyeth and Dell....
...In court papers, prosecutors allege that the hedge fund founder sold all of his holdings of Elan and Wyeth stock, worth $700m, after a 20-minute phone call with Mr Martoma....
...agreed to pay $275m in ill-gotten gains, $51.8m in interest, and a $275m penalty to resolve allegations Mathew Martoma, the former portfolio manager, caused the hedge fund to profit by trading shares of Wyeth...
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