The U.S. Securities and Exchange Commission has filed a lawsuit accusing unnamed defendants of insider trading in Onyx Pharmaceuticals Inc call options before the drugmaker publicly rejected a takeover bid by larger rival Amgen Inc and put itself up for sale.
In a complaint filed on Wednesday with the U.S. District Court in Manhattan, the SEC said the “highly suspicious” trades took place between June 26 and 28, and resulted in a profit of about $4.6 million on a $305,000 investment. The SEC said this equated to a return of about 14,200 percent.
‘Enforcement 40’ for 2020
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