Close X
Thursday, November 28, 2024
ADVT 
International

Indian-American couple charged with insider trading

Darpan News Desk IANS, 23 Dec, 2014 11:04 AM
    The US Securities and Exchange Commission (SEC) has charged an Indian-American couple with insider trading on confidential information obtained from a corporate client.
     
    California-based attorney Shivbir Grewal and his wife, Preetinder Grewal, sold all of their Spectrum Pharmaceuticals shares last year after getting a non-public information from company officials who sought advice of Shivbir's law firm before announcing a significant decline in expected revenue, a litigation release by the commission said Monday.
     
    The day after Grewals sold their stock, Spectrum issued a press release revealing the expectation of decreased sales of the drug Fusilev and the consequent expectation of reduced revenue. 
     
    Spectrum's stock price fell more than 35 percent. Shivbir Grewal and his wife avoided losses of nearly $45,000 by selling ahead of the bad news.
     
    The Grewals agreed to pay $90,000 to settle the charges, and Shivbir Grewal also agreed to be suspended from practicing as an attorney before the commission on behalf of any publicly traded company or other entity regulated by the agency.
     
    Further investigation into the case is ongoing.

    MORE International ARTICLES

    America reacts with horror to CIA torture report

    America reacts with horror to CIA torture report
     A shocked America reacted with horror to a scathing Senate report detailing CIA's brutal interrogation techniques used in the aftermath of the 9/11 attacks...

    America reacts with horror to CIA torture report

    727 Iraqi Kurdish fighters killed since IS rise in June

    727 Iraqi Kurdish fighters killed since IS rise in June
    The Peshmerga military forces of Iraq's Kurdish semi-autonomous region said Wednesday that up to 727 Kurdish fighters have been killed fighting....

    727 Iraqi Kurdish fighters killed since IS rise in June

    Obama Announcing $1B In Public-private Money To Boost Early Access To Education

    Obama Announcing $1B In Public-private Money To Boost Early Access To Education
    WASHINGTON — President Barack Obama is following up on his promise to expand early education opportunities for tens of thousands of children by announcing a $1 billion public-private investment in programs for the nation's youngest learners.

    Obama Announcing $1B In Public-private Money To Boost Early Access To Education

    After Delhi Ban, Uber Slapped With Cheating Case; Driver A Serial Offender

    After Delhi Ban, Uber Slapped With Cheating Case; Driver A Serial Offender
    US-based online global cab company Uber was in for more trouble Tuesday after Delhi Police slapped a case of cheating and violating lawful orders after one of its drivers was arrested for raping a 25-year-old woman business analyst. 

    After Delhi Ban, Uber Slapped With Cheating Case; Driver A Serial Offender

    Freed Of Murder Charge, British-indian Businessman Shrien Dewani To Return Home

    Freed Of Murder Charge, British-indian Businessman Shrien Dewani To Return Home
    An Indian-origin businessman from Britain, Shrien Dewani is preparing to leave South Africa after a judge cleared him of arranging the murder of his wife on their honeymoon, media reported Tuesday.

    Freed Of Murder Charge, British-indian Businessman Shrien Dewani To Return Home

    Kids were not food-deprived at Indian ashram in Australia: Doctor

    Kids were not food-deprived at Indian ashram in Australia: Doctor
    Children at an ashram of an Indian guru, who died 17 years ago, in Australia, were not deprived of food, the ashram's resident doctor has said.

    Kids were not food-deprived at Indian ashram in Australia: Doctor