SEC Sues 8 For Insider Trading In Sanofi, Chattem Deal

Law360, New York (August 28, 2012, 8:52 PM EDT) -- The U.S. Securities and Exchange Commission on Tuesday sued several Georgia men who allegedly traded ahead of Sanofi-Aventis Inc.'s purchase of Tennessee-based drug company Chattem Inc. using information from a Chattem board member’s accountant.

The SEC says Thomas Melvin, a Griffin, Ga., accountant for a Chattem board member, tipped a group of associates in 2009 about the company's then-upcoming sale to Sanofi. The eight insider traders made $500,000 profit trading in Chattem, which sells over-the-counter pharmaceuticals Allegra, Gold Bond and Icy Hot.

“It is particularly troubling...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.