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Cancer Vaccines
Introgen Comments on SEC Action Against Short Seller of Its Stock
March 15th, 2007
Yesterday, the U.S. Securities and Exchange Commission (SEC) announced a litigation settlement with a short seller, and its manager, of Introgen Therapeutics, Inc.'s (NASDAQ:INGN) securities. According to the SEC complaint, the settling Defendant, the hedge fund Crestview Capital Partners LLC, defrauded Introgen by falsely representing to Introgen that Crestview did not short sell Introgen securities prior to a registered direct placement of Introgen stock, when in fact it did engage in such short selling; and based on the hedge fund's misrepresentation, Introgen allowed the hedge fund to participate in the stock placement. Introgen is reviewing remedies that may be available to it and its...
Source: FDA Law Weekly (2007-03-15)
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