SEC Kicks Off Wide Insider Trading Investigation

Law360, New York (December 10, 2009, 2:52 PM EST) -- The U.S. Securities and Exchange Commission reportedly has launched a broad insider trading investigation of recent deals, including Pfizer Inc.'s acquisition of Wyeth and Eli Lilly & Co.'s purchase of ImClone Systems Inc.

The Wall Street Journal reported Thursday that the SEC is probing whether insider trading took place in connection with at least nine transactions. The agency reportedly has sent out more than 35 subpoenas to hedge funds and brokerages as part of the investigation.

The regulator also reportedly is looking at deals including Merck...
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