Monday, June 25, 2012

More (Alleged) Insider Trading (Potentially) Linked to a Law Firm

[via Reuters] "Ex-Orioles player Eddie Murray is part of insider trading inquiry" --
  • "Hall of Fame baseball player Eddie Murray is one of several former professional athletes under investigation by federal authorities in a U.S. insider trading case stemming from the buyout of a medical device company, people familiar with the three-year-old probe said."
  • "Investigators have found that leaks about the Advanced Medical Optics deal may have come from a number of places, including people who worked for the medical device company; its law firm, Skadden Arps; and its merger adviser, Goldman Sachs Group Inc, according to court records and people familiar with that matter."
  • "A spokeswoman for Skadden declined to comment. A top partner at the firm is also representing one of the suspected leakers, James V. Mazzo, who was the chief executive officer of Advanced Medical at the time of the takeover."
On unrelated incidents but a related note, Reuters also reports: "A fifth of company announcements in Britain are preceded by unexplained share price moves, the Financial Services Authority (FSA) said on Tuesday, in its final report before being wound up next year."

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