SEC Sues InterMune Options Buyers Over Inside Tips

Law360 (December 23, 2010, 6:35 PM EST) -- The U.S. Securities and Exchange Commission has filed suit against unknown InterMune Inc. stock options purchasers, contending that they may have profited from inside information about the biotechnology company’s lung disease drug Esbriet clearing a European regulatory hurdle.

The agency lodged its complaint on Thursday in the U.S. District Court for the Southern District of New York, saying that the unknown options traders made purchases days ahead of the key European Union regulatory announcement, using accounts at UBS AG and Barclays Capital Inc.

On Dec. 17,...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.