Bristol-Myers Squibb Company Exec Charged With Insider Trading

Published: Aug 06, 2012

U.S. regulators were so suspicious of the circumstances surrounding Gilead Sciences Inc. (GILD) (GILD)’s Nov. 21 announcement it was buying Pharmasset Inc. for $11 billion that they opened an insider-trading investigation that day. “The volume was huge and the deal premium was huge, so we looked at the underlying trading,” U.S. Securities and Exchange Commission attorney Mary P. Hansen said in a phone interview. “We were looking at anyone who bought shares.” The probe, which the Justice Department joined, resulted yesterday in the arrest of Robert Ramnarine, a Bristol-Myers Squibb Co. (BMY) (BMY) executive.

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