Report: SEC Probing Insider-Trading Allegations
SEC Probing Insider-Trading Allegations [The Day, New London, Conn.]
From Day, The (New London, CT) (December 11, 2009)
Dec. 11--The Securities and Exchange Commission is investigating several insider-trading allegations, including one involving Pfizer Inc.’s merger with Wyeth Pharmaceuticals, according to The Wall Street Journal.
The Journal said about three dozen subpoenas have been issued in the investigations, which also include questions about Abbott Laboratories’ purchase of Advanced Medical Optics and Eli Lilly & Co.’s deal to buy ImClone Systems Inc.
The SEC, subpoenaing brokerages and hedge funds, wants to known how information moves from banks to the trading floors of Wall Street, according to The Journal.
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Posted: December 2009