The U.S. Securities and Exchange Commission told SAC Capital Advisors LP that it is considering suing the $14 billion hedge fund run by Steven Cohen for fraud involving alleged insider trading by a former portfolio manager who was arrested last week, according to three people with knowledge of the matter.
SAC Capital Advisors LP, the $14 billion hedge fund run by Steven A. Cohen, is under increasing government scrutiny as the U.S. investigates its trading in InterMune Inc. and Weight Watchers International Inc., according to a person with knowledge of the matter.
SAC Capital Advisors LP, the $14 billion hedge fund run by Steven Cohen, told clients on a conference call today that it received a Wells Notice from the U.S. Securities and Exchange Commission, according to a person who listened to the call.
Moody’s Corp. fell 6.8 percent to its lowest price since October after saying it may be sued by the U.S. Securities and Exchange Commission for filing false and misleading descriptions of its credit-rating policies.
The U.S. Supreme Court agreed to take up a multibillion-dollar fight between the drug industry and federal antitrust enforcers, a case that may determine how quickly low-price generic medicines reach the market.
Nov. 29 (Bloomberg) -- Former SEC chairman Harvey Pitt explains the process following reception of a Wells Notice from the SEC and what is next for the commission after chairman Mary Schapiro steps down in December. He speaks on Bloomberg Television's "Market Makers."
U.S. investigators have subpoenaed a 2011 deposition of SAC Capital Advisors LP founder Steven Cohen, whose sworn statements on insider-trading compliance may hurt him as he tries to persuade regulators not to file a lawsuit with the potential to shut his $14 billion firm.
If the past is any guide, the U.S. Securities and Exchange Commission will probably hold off on its threat to sue SAC Capital Advisors LP until prosecutors determine whether they can build a criminal insider-trading case against the hedge fund’s founder, Steven A. Cohen.