SEC Formally Probes Biogen Idec Trading
Federal regulators are formally investigating possible securities law violations related to Biogen Idec Inc.’s recent withdrawal of a multiple sclerosis drug.
Biogen Idec’s disclosure that the Securities and Exchange Commission had stepped up its investigation from an informal inquiry followed last month’s resignation of the company’s general counsel amid questions about his sale of Biogen shares before Tysabri was pulled from the market.
A filing with the SEC also said the company now faced five shareholder lawsuits alleging that company insiders profited through stock trades before Biogen publicly disclosed safety concerns about the drug Feb. 28 and withdrew it.
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