SEC alleges insider trading in Onyx ahead of Amgen news
July 3 (Reuters) - The U.S. Securities and Exchange Commission filed an insider trading lawsuit accusing unnamed defendants of making enormous profits by trading in Onyx Pharmaceuticals Inc call options before the drugmaker publicly rejected a takeover bid by Amgen Inc and put itself up for sale.
In a complaint filed in the U.S. District Court in Manhattan, the SEC said the trades generated more than $4.8 million of profit, including a collective return of more than 14,200 percent on options bought between June 26 and 28.
The SEC said it believes that the defendants are in, or trading through accounts in, the Canary Islands and Beirut.
On Sunday, Onyx rejected a roughly $10 billion unsolicited takeover bid from Amgen but said it would consider selling itself. Its shares soared more than 51 percent on Monday.
- Tape emerges of Clinton discussing bin Laden day before 9/11 attack
- Gaza truce over, Israel soldier captured, 70 dead in Rafah shelling |
- Financial health: The four numbers to zero in on
- Ebola patient coming to U.S. as aid workers' health worsens
- Exposure of health workers weakens Africa's Ebola fight