The SEC has been probing SAC Capital over trades one of its units made in Cougar ahead of the company's takeover by Johnson & Johnson for over a year, according to a report in the Wall Street Journal.
The WSJ said the SEC is probing whether a unit of SAC Capital Advisors, CR Intrinsic, improperly profited $2.5 million after its 632,291 shares in Cougar soared 16% in value after the $1 billion takeover was announced on May 21 2009, according to the report.
Update: SAC Capital Advisors LP told Bloomberg that its investment in Cougar Biotechnology was “perfectly reasonable” and based on publicly available information. And the company's spokesman said, “We have not been contacted by any regulatory authority related to this matter, but we would of course cooperate should there be an inquiry."
http://www.businessinsider.com/sac-sec-cougar-2011-10
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