Genzyme Board Probing Insider Stock Sales

Law360, New York (May 11, 2010, 6:49 PM EDT) -- Genzyme Corp. has started an investigation into whether members of its board of directors and several executives sold their stock in the company based on inside information about production problems at one of its manufacturing plants.

According to a quarterly filing Tuesday with the U.S. Securities and Exchange Commission, Genzyme began the investigation after receiving nine letters from shareholders asking the company to look into “alleged breaches of fiduciary duty by our directors and certain executive officers.”

The company said its board of directors had set...
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