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Biotechnology Industry Organization
BIO Commends SEC Efforts to Combat Illegal "Naked" Short Selling
October 18th, 2008
The Biotechnology Industry Organization (BIO) released its letter to SEC Chairman Christopher Cox and SEC Director Linda Thomsen commending the agency for its efforts to investigate fraud and crack down on activities such as rumor mongering and abusive naked short selling in capital markets. "This type of illegal behavior is especially detrimental to emerging biotechnology companies whose value is so dependent on the results of their research and development efforts," said Alan Eisenberg, Executive Vice President for Emerging Companies and Business Development at BIO. "The peddling of false rumors regarding the results of clinical trials could substantially drive down a...
Source: Law & Health Weekly (2008-10-18)
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