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

    Fighting IS a 'Third World War'

    Fighting IS a 'Third World War'
    Iraqi Foreign Minister Ibrahim Al Jaafari said “efforts to eradicate the extremist movement, which has taken over large swathes of Iraq, had a much greater international...

    Fighting IS a 'Third World War'

    Anni Dewani Murder: British-Indian Businessman Shrien Dewani Accused Of Killing Wife Walks Free

    Anni Dewani Murder: British-Indian Businessman Shrien Dewani Accused Of Killing Wife Walks Free
    An Indian-origin businessman from Britain, accused of arranging the murder of his wife while on honeymoon trip in South Africa, was discharged Monday....

    Anni Dewani Murder: British-Indian Businessman Shrien Dewani Accused Of Killing Wife Walks Free

    IS militants behead four children in Iraq

    IS militants behead four children in Iraq
    Sunni radical group Islamic State (IS) beheaded four Christian children in Iraq for refusing to convert to Islam, a media report said Monday....

    IS militants behead four children in Iraq

    Before Delhi, Uber taxi service faced trouble in Germany

    Before Delhi, Uber taxi service faced trouble in Germany
    International mobile cab-booking company, Uber, which has been banned by the Delhi government after one of its drivers was arrested on charges...

    Before Delhi, Uber taxi service faced trouble in Germany

    Nepal prevents airing TV show for satirising Modi

    Nepal prevents airing TV show for satirising Modi
    The Nepalese authorities have banned the telecast of a popular comedy TV show, "Tito Satya" (Bitter Truth), for reportedly satirizing Indian Prime Minister Narendra Modi.

    Nepal prevents airing TV show for satirising Modi

    UK Politician Nigel Farage Criticized For Saying Breast-feeding Women Could 'Sit In Corner'

    UK Politician Nigel Farage Criticized For Saying Breast-feeding Women Could 'Sit In Corner'
    British politician Nigel Farage on Friday defended a hotel that insisted a breast-feeding mother cover up, suggesting women might "sit in the corner" while they feed their babies.

    UK Politician Nigel Farage Criticized For Saying Breast-feeding Women Could 'Sit In Corner'