July 3 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.