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




Nature of Suit



Indira Talwani

Date Filed

December 16, 2012

Government Agencies

UK Financial Services

UK Financial Services

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