SAC Capital Investigation Broadens
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Hedge fund SAC Capital, run by Steven Cohen, made headlines again today, as Bloomberg reported regulators have broadened the insider trading investigation into possible illegal trading of InterMune (Nasdaq: ITMN) and Weight Watchers (NYSE: WTW).
In November, SAC came under scrutiny for insider trading involving shares of Elan (NYSE: ELN) and Wyeth LLC. The allegations claim a trader at the firm received tips from a doctor with nonpublic information that resulted in million profits. Now, it seems the investigation has broadened to include ITMN and WTW. While the SEC investigation is still ongoing, SAC trading results may point to foul play, with huge profit windfalls seen in both stocks.
In November, SAC came under scrutiny for insider trading involving shares of Elan (NYSE: ELN) and Wyeth LLC. The allegations claim a trader at the firm received tips from a doctor with nonpublic information that resulted in million profits. Now, it seems the investigation has broadened to include ITMN and WTW. While the SEC investigation is still ongoing, SAC trading results may point to foul play, with huge profit windfalls seen in both stocks.
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