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Biotech / Medical : Biotech Valuation

CRSP 55.08

-2.9%

Dec 26 9:30 AM EST

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To: tom pope who wrote (8609)	6/5/2003 11:00:38 AM
From: Biomaven	Read Replies (3) of 52153

Why does the SEC go after Martha when there was clearly advance knowledge of NPSP's ENZN merger termination in yesterday's afternoon trading? Because, sad to say, a few high-profile busts do more to bring home the risks of insider trading than do a hundred low-level prosecutions. Just the same way you will always see a few publicized tax-busts just ahead of April 15th. Note also that Martha is being prosecuted mainly for the cover-up - it always amazes me that people just don't learn. The ENZN/NPSP un-merger is interesting. I'm not sure I would have predicted quite such a favorable reaction as we have seen, especially given NPSP gets to pay a termination fee. (I'm not complaining as I own a little NPSP). The SEC will doubtless look at the activity ahead of the announcement, but their resources are limited and people do get away with a limited amount. Peter

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