Onyx Traders Can't Kill SEC's $4M Insider Trading Suit

Law360, Los Angeles (September 29, 2014, 10:42 PM EDT) -- A New York federal judge on Monday refused to toss a U.S. Securities and Exchange Commission suit alleging two United Arab Emirates investors reaped $3.7 million through insider trading in Onyx Pharmaceuticals Inc. and Life Technologies Corp., finding it sufficiently states a claim.

U.S. District Judge Paul Oetken — who had previously tossed an original complaint on the grounds that it didn't — said the amended version directly alleged enough information to show that Omar Nabulsi's and Dhia Jafar's purchases of call options for shares in Onyx and Life Technologies were risky and suspicious.

The SEC claims the defendants made the...

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