Gold Mine Merger Bid Drove Insider Trading: SEC

Law360, New York (November 7, 2005, 12:00 AM EST) -- Stockholders used non-public information to illegally purchase call options in a Canadian gold company, just days before a $9.2 billion acquisition bid to create the world's largest gold mining company boosted its stock, according to a federal complaint by the U.S. Securities and Exchange Commission.

The SEC sued the unknown investors after Vancouver-based Placer Dome Inc. received an unsolicited acquisition offer from Toronto, Canada-based rival Barrick Gold Corp. on October 31. The suit, which details purchases between October 25 and October 26, was filed in the...
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