March 02, 2005
Hell Hath no Fury like the SEC
Companies just do not seem to get the message: the SEC is always watching. Why make choices that will end up in disaster. So for Biogen, not only does the stock tank due to bad drug testing trial results, but the executives could end up in the slammer for allegedly improper stock sales before the bad news was reported.
An excerpt on this is here:
"Biogen execs' stock deals under SEC microscope
By Brett ArendsWednesday, March 2, 2005
Cambridge-based Biogen Idec, Inc. has come under federal scrutiny over executive stock deals that reaped millions shortly before shares plummeted, sources have told the Herald.
The Securities and Exchange Commission is preparing to interview executives who made $10.7 million on stock sales before the company yanked its high-flying new multiple sclerosis drug.
Both Biogen and the SEC yesterday refused to comment.
Biogen stock crashed this week to $41.26 from $67 after the company said it had suspended sales of big new MS drug Tysabri. Two patients taking the drug with another treatment had developed a rare disease of the nervous system, and one had died."
Click here for the entire article.
To learn how your company can stay out of trouble on Sarbanes-Oxley and do it a reasonable cost, see www.issuescentral.com and learn more about the Sarbanes-Oxley Compliance Playbook.
An excerpt on this is here:
"Biogen execs' stock deals under SEC microscope
By Brett ArendsWednesday, March 2, 2005
Cambridge-based Biogen Idec, Inc. has come under federal scrutiny over executive stock deals that reaped millions shortly before shares plummeted, sources have told the Herald.
The Securities and Exchange Commission is preparing to interview executives who made $10.7 million on stock sales before the company yanked its high-flying new multiple sclerosis drug.
Both Biogen and the SEC yesterday refused to comment.
Biogen stock crashed this week to $41.26 from $67 after the company said it had suspended sales of big new MS drug Tysabri. Two patients taking the drug with another treatment had developed a rare disease of the nervous system, and one had died."
Click here for the entire article.
To learn how your company can stay out of trouble on Sarbanes-Oxley and do it a reasonable cost, see www.issuescentral.com and learn more about the Sarbanes-Oxley Compliance Playbook.
