Transkaryotic Ex-CEO Settles SEC Suit For $1.2M

Law360, New York (July 11, 2008, 12:00 AM EDT) -- The former chief executive officer of Transkaryotic Therapies Inc. has agreed to pay $1.2 million to settle allegations by the U.S. Securities and Exchange Commission that he concealed the failure of the company’s flagship drug, Replagal, and sold company shares inflated by the reports of its success, the agency announced.

Richard F. Selden consented to the final judgment without admitting or denying the SEC’s allegations, agreeing to pay $125,000 in penalties and to disgorge over $1 million related to his sales of Transkaryotic stock during the...
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