US SEC Charge Four With Affymax Stock Trade
- The US Securities and Exchange Commission has charged four people with trading Affymax stock and options for themselves or passing the information on to others who profited from it before last year's acquisition of the company by Glaxo (Marketletters passim). The insider trading generated more than $300,000 in illegal profits, the SEC charged.
The Commission said that one of the four agreed to settle the case by paying more than $9,300 in trading profits and interest. In January 1995, Glaxo agreed to acquire Affymax, which is based in the Netherlands and has operations in California, for about $533 million in cash.
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