Tipsy Lawyer Disclosed Secret $3.6B Pfizer Deal, SEC Says

Law360, New York (September 20, 2013, 6:24 PM EDT) -- A Washington attorney drunkenly passed confidential information to a friend about Pfizer Inc.'s planned $3.6 billion acquisition of a pharmaceutical industry client in 2010, the U.S. Securities and Exchange Commission said in a Friday complaint.

The SEC filed an insider trading suit in Florida federal court against Tibor Klein, an investment adviser who allegedly bought shares of King Pharmaceuticals Inc. shortly before the firm was acquired by Pfizer Inc. for $3.6 billion. Klein learned about the planned acquisition in August 2010 from an attorney and investment advisory client named Robert M. Schulman, according to the SEC. Schulman, who was not named...

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