{"id":5904,"date":"2015-12-30T00:00:00","date_gmt":"2015-12-30T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2015\/12\/insider_trading_news_sac_capit_1"},"modified":"2022-05-17T13:57:48","modified_gmt":"2022-05-17T18:57:48","slug":"insider-trading-news-sac-capit-1","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/insider-trading-news-sac-capit-1\/","title":{"rendered":"Insider Trading News: SAC Capital Resolves Shareholder Lawsuit, Chinese Traders Settle SEC Charges, Another Court Turns Down Rajat Gupta\u2019s Conviction Appeal SAC Capital Advisors Settles Insider Trading Case for $10M"},"content":{"rendered":"

SAC Capital Advisors Settles Insider Trading Case for $10M<\/strong>
\nSAC Capital Advisors has consented to pay $10M to resolve a securities case <\/a>brought by shareholders of pharmaceutical company Wyeth. The plaintiffs contend that they sustained losses because the hedge fund had been insider trading in the drugmaker\u2019s stock.<\/p>\n

The class action securities lawsuit was brought following the arrest a few years back of Mathew Martoma, an ex-SAC Capital portfolio manager. After he was convicted last year of insider trading for using confidential outcomes of a clinical trial involving an Alzheimer\u2019s drug, Martoma was sentenced to nine years behind bars in 2014. According to prosecutors, Martoma\u2019s trades allowed the hedge fund to make $275M. <\/p>\n

Other settlements have already been reached over this matter, including a $1.8B settlement with US authorities as well as a guilty plea by SAC Capital. An SAC Capital unit also settled insider trading claims involving Wyeth and Elan Corp. stock\u2014Elan and Wyeth had been developing the Alzheimer\u2019s drug together\u2014for $602M.<\/p>\n

\nSEC Announces Settlement with Two Chinese Traders Over Insider Trading Case<\/strong>
\nThe U.S. Securities and Exchange Commission says that business associates and cousins Yannan Liu and Zhichen Zhou, who are traders in Hong Kong and China, respectively, have consented to pay over $920,000 to resolve insider trading charges. The two of them will disgorge their entire ill-gotten gains as well as pay penalties.<\/p>\n

According to the regulator, Liu and Zhou traded Chindex International and MedAssets Inc. stocks because of nonpublic information they received about their upcoming acquisitions by private equity firms. Liu had been a private equity associate at a company that was connected to both deals.<\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

SAC Capital Advisors Settles Insider Trading Case for $10M SAC Capital Advisors has consented to pay $10M to resolve a securities case brought by shareholders of pharmaceutical company Wyeth. The plaintiffs contend that they sustained losses because the hedge fund had been insider trading in the drugmaker\u2019s stock. The class action securities lawsuit was brought […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3811],"tags":[2652],"class_list":["post-5904","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-insider-trading","tag-sac-capital"],"yoast_head":"\nInsider Trading News: SAC Capital Resolves Shareholder Lawsuit, Chinese Traders Settle SEC Charges, Another Court Turns Down Rajat Gupta\u2019s Conviction Appeal SAC Capital Advisors Settles Insider Trading Case for $10M — Investor Lawyers Blog — December 30, 2015<\/title>\n<meta name=\"description\" content=\"SAC Capital Advisors Settles Insider Trading Case for $10M SAC Capital Advisors has consented to pay $10M to resolve a securities case brought by — December 30, 2015\" \/>\n<meta name=\"robots\" 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