Insider Trading: Novo Nordisk Suspends Employee
1 CommentBy Ed Silverman // July 29th, 2008 // 8:45 am
The Danish drug maker says the employee, who was not identified, had no managerial position but “had access to information, which may influence Novo Nordisk’s share price,” the world’s largest producer of insulin says in a statement.
The employee was charged Monday with unlawful insider trading in the company’s shares, and Novo Nordisk says it is cooperating with police in the case. The drugmaker maintains that the present information points to “an isolated case involving a single employee.”
As the preliminary investigations indicate a serious violation of Novo Nordisk’s internal rules regarding trading in the company’s shares, the employee has been suspended with immediate effect. The drugmaker, which employs about 26,300 people in 80 countries, says it agreed with the office of the Danish Public Prosecutor not to release further details.
Matthew Holford
“..The drugmaker maintains that the present information points to “an isolated case involving a single employee.”
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHA.
When the Distiller’s case was being prosecuted(concerned allegations of insider dealing, before the term became common parlance, in the purchase of Distiller’s, by Guinness), Ernest Saunders, one of the defendants, attempted to argue that he had done nothing improper, because what he did was industry standard!!!!!!!!!!!!!!!!!!
Matt