US targets $15m insider trading
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The US has charged 13 people for their alleged role in a $15m insider trading racket involving top lawyers and firms.
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One-third of the roughly 15,000 publicly traded companies in the United States engage in a quarterly ritual known as the conference call.
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The Chevron Corporation will repurchase as much as $15 billion of its stock as record crude prices increase earnings.
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Swiss reinsurer Converium has confirmed in a regulatory filing that it is facing a probe by the US Securities and Exchange Commission into possible insider trading of its stock ahead of a profit warning in July.
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Federal regulators have subpoenaed Fidelity Investments and several brokerage firms that handle the stock-trading business for the mutual fund giant, seeking information about gifts and expensive perks Fidelity traders may have accepted from the brokerage firms, according to attorneys involved in the case.
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(InfoWorld) - A shareholder lawsuit against Hewlett-Packard (HP) forÂ attempting to spy on board members and reportersÂ has been expanded to include charges of insider stock trading. An amended complaint filed Wednesday in the Superior Court of California for Santa Clara County accuses HP Chairman and Chief Executive Officer Mark Hurd and seven other company executives of selling $41.3 million worth of HP stock at "inflated prices" shortly before the company revealed that its investigators had used questionable and possibly illegal techniques to gain access to personal records such as phone call logs. The eight executives sold 1.7 million shares of stock between Aug. 21 and Sept. 6, according to the lawsuit. In an Aug. 31 filing with the U.S. Securities and Exchange Commission (SEC), HP said an outside investigator used the practice of pretexting, pretending to be someone else, to gain access to personal records. Former HP Chairman Patricia Dunn and four others face criminal charges stemming from their alleged participation in the spying, which also used e-mail tracer technology, according to testimony before a U.S. congressional committee. HP also tried to prop up the value of its stock price by announcing on Aug. 21 it would repurchase $6 billion worth of its stock, the lawsuit says. "In the midst of this acrimony HP executives cashed in," says the complaint, filed by the Lerach, Coughlin, Stoia, Geller, Rudman & Robbins LLP law firm. HP issued a statement calling the lawsuit "baseless." The lawsuit "represents a transparent effort to exploit issues related to HP's recent investigation for personal gain at the expense of HP, its shareholders and its employees," the statement said. "HP will defend itself vigorously." HP acknowledged that it had obtained the phone records of 12 people by using pretexting. The stockholder lawsuit, originally filed in September, asks the court to declare that HP's executives have "committed breaches of their fiduciary duties" and to order executives to repay the amount the company has been damaged by the spying scandal. The lawsuit also asks the court to require HP to reform its corporate governance and to extract punitive damages from Dunn, Hurd and other HP executives.
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Dow Jones & Co. Inc.  board member David Li, a prominent Hong Kong banker, may face civil charges in a U.S. Securities and Exchange Commission insider trading investigation linked to News Corp.'s  $5 billion bid for the U.S. media company.
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A number of bidders approach US exchange Nasdaq to buy its stake in the London Stock Exchange, say reports.
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The U.S. government on Thursday charged 13 people, including employees at major Wall Street banks, with securities fraud, wire fraud, bribery and other charges in what authorities are calling one of the most pervasive insider trading rings in years.
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Federal authorities exposed one of the most far-reaching insider trading schemes on Wall Street in decades.
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Sarbanes-Oxley is a powerful tool for the SEC. It could also be very helpful for corporate raiders.
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Representatives of the Qatari Investment Authority have indicated a willingness to pay as much as 15 pounds a share for Nasdaq's  31 percent stake in the London Stock Exchange  the Sunday Times newspaper said.
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At a conference of investors and entrepreneurs this week, several prominent venture capitalists agreed: $15 billion is about the right valuation for Facebook.
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US stock markets would have to disclose executive pay and provide details of their regulatory programs, under new rules proposed by the Securities and Exchange Commission on Tuesday.
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NEW YORK -- US government prosecutors filed charges in one of the biggest insider-trading cases on Wall Street since the 1980s, claiming employees at UBS AG , Morgan Stanley , and Bear Stearns Cos. profited from advance knowledge of mergers and stock picks.
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The U.S. government on Thursday  charged 13 people, including employees at major Wall Street  banks, with securities fraud, wire fraud, bribery and other  charges in what authorities are calling one of the most  pervasive insider trading rings in years.
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A San Francisco investment adviser for mutual funds will pay $30 million to settle charges that it secretly allowed favored clients to conduct frequent short-term trading, in violation of the funds&#39; rules and in exchange for extra fees, regulators said