SEC Files Insider Trading Suit V. Tech Options Buyer

Law360, New York (July 25, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission launched an insider trading suit Friday against an "unknown purchaser" that bought DRS Technologies Inc. and American Power Conversion Corp. call options through UBS AG, freezing the purchaser's assets, which include over $3 million gained from the “suspicious” trades.

The SEC alleges one or more purchasers of DRS and APCC call options made the “highly profitable and highly suspicious” purchases on insider knowledge that the companies were to be acquired, and reaped millions from the liquidation of the options once...
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