The U.S. District Court for the Eastern District of Virginia dismissed an SEC insider trading case that was based on inferences drawn from conversations between defendants and changes in trading patterns.
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The SEC charged a former pharmaceutical company CFO, along with his former romantic partner, for trading on the company's stock using insider information.
A divided federal appeals court upheld the conviction of a former hedge fund portfolio manager for insider trading related to confidential information received from doctors who worked on a clinical trial for an experimental Alzheimer's drug.
Three pension funds sued several major broker-dealers and their affiliates for allegedly inhibiting competition in the stock lending market.
The Supreme Court found that "tippees" who trade on material non-public information may be found criminally liable even when there is no evidence of a pecuniary or tangible benefit to the insider who delivered the tip.