Icahn Hit With Insider Trading Suit Over Short-Swing Profits
Law360, New York (February 9, 2015, 8:49 PM EST) -- Carl Icahn and several companies that bear his name, including Icahn Partners LP, were hit with a shareholder action Friday alleging they raised up to $94.7 million in short-swing profits from insider trading of put and call options in Herbalife Ltd., Nuance Communications Inc. and Hologic Inc.
Plaintiff John Olagues, a shareholder in Herbalife, Nuance Communications and Hologic, alleged that the Icahn group’s buying and selling of put and call options in the three companies resulted in “short-swing insider trading profits” that the companies should be able to recover under Section 16(b) of the Securities Exchange Act.
The suit claims that...
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