Drug Co. Lied About $245M Buyout Offer, SEC Claims

Law360, New York (December 18, 2012, 1:48 PM EST) -- The U.S. Securities and Exchange Commission hit Spencer Pharmaceutical Inc. with a suit in Massachusetts federal court Monday, accusing the drug company of a pump-and-dump scheme in which Spencer’s officers spread fictitious reports of a forthcoming $245 million buyout to inflate stock prices.

The agency’s complaint says the scheme was orchestrated by Spencer directors Jean-Francois Amyot, Maximilien Arella and Ian Morrice, who allegedly began disseminating false press releases in November 2010 claiming a Mideast company had made an unsolicited bid to buy Spencer.

The trio collaborated...
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Case Information

Case Title

Securities and Exchange Commission v. Spencer Pharmaceutical Inc et al


Case Number

1:12-cv-12334

Court

Massachusetts

Nature of Suit

Securities/Commodities

Judge

Indira Talwani

Date Filed

December 16, 2012

Government Agencies

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