Thursday, August 2, 2012

Bristol-Myers Squibb executive arrested on insider trading charges

August 02, 2012
Bristol-Myers Squibb executive arrested on insider trading charges
Last Updated:August 02, 2012 14:56 

In October 2010, Bristol-Myers Squibb agreed to buy ZymoGenetics and purchased Amylin in June. However, the drugmaker withdrew from talks to buy Pharmasset, which Gilead Sciences fully acquired in January. The complaint alleges that the executive bought and sold options in ZymoGenetics for a profit of $30,551 and made $55,784 in illicit profit from trades in Amylin. Ramnarine is also said to have made $225,026 in illicit profit on the Pharmasset deal.

Responding to the news, the drugmaker said Ramnarine was placed on administrative leave effective immediately. "Bristol-Myers Squibb has clear and strict policies prohibiting trading on material non-public information and is cooperating with the government’s investigation," company spokesman Ken Dominski added.

Reference Articles

Bristol-Myers Executive Accused of Insider Trading - (Bloomberg)
Bristol-Myers exec charged with insider trading - (CBS News)
Bristol-Myers executive charged with insider trading - (Chicago Tribune)
Bristol-Myers' Shares Hammered on Hepatitis Trial Halt, Insider Trading Arrest - (FOX Business)
SEC Slaps Insider Trading Charges On Bristol-Myers Exec Who Made $300,000 Score - (Forbes)
Bristol-Myers exec. arrested for insider trading - (MarketWatch)
Bristol-Myers Executive Charged With Insider Trading - (The Wall Street Journal)

No comments:

Post a Comment