SEC Reportedly Weighing Insider Trading Suit Against SAC

Law360, New York (November 28, 2012, 12:33 PM EST) -- The U.S. Securities and Exchange Commission has told SAC Capital Advisors LP it may launch a civil fraud suit against the hedge fund in connection with an alleged $276 million insider trading scheme involving a confidential Alzheimer's drug trial, according to a Wednesday news report.

On a private conference call with investors Wednesday morning, SAC President Tom Conheeney disclosed that the firm had received a Wells notice from the SEC, the Wall Street Journal reported, citing people familiar with the call. A Wells notice indicates the...
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