As was last true in 2008, someone got access to law firm drafts of merger agreements, involving Merck as the acquiror. . . and traded the target's shares pre-announcement.
Here's the NPR story on it all:
. . .A former U.S. congressman from Indiana, technology company executives, a man training to be an FBI agent, and an investment banker were among nine people charged in four separate and unrelated insider trading schemes revealed on Monday with the unsealing of indictments in New York City.
It was one of the most significant attacks by law enforcement on insider trading in a decade, and a prosecutor and other federal officials pledged fresh enthusiasm for similar prosecutions in the future. They said the cheating resulted in millions of dollars of illegal profits for defendants situated on both coasts and in middle America.
Stephen Buyer was accused in court papers of engaging in insider trading. . . .
Now you know. Onward, grinning. . . .
नमस्ते
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