SEC Charges Former Pharma Accountant and his Friends with Insider Trading
The Securities and Exchange Commission charged a former accountant of pharmaceutical company, Celator Pharmaceuticals Inc.,and his friends with insider trading on market-moving news about the clinical trial results for Celator’s cancer drug and its acquisition by Dublin-based Jazz Pharmaceuticals Plc. The company's stock rose more than 400 percent in March 2016 when it announced positive results for its drug to treat leukemia, and Jazz Pharmaceuticals offered to pay a hefty premium in May 2016 to acquire Celator. The accountant provided his tips through an encrypted smartphone application to his friends who agreed to purchase the stop and share their profits with him. Andersen Sleater Sianni represents stockholders who have been defrauded. Click here to read more about the SEC's action.