NEW YORK (AP) — Hedge fund SAC Capital Advisors is being investigated by federal regulators for using inside information to profit from a health care takeover in 2009, the Wall Street Journal reported Thursday.
Citing unnamed sources who were familiar with the matter, the paper said the Securities and Exchange Commission is trying to determine in a civil inquiry whether SAC Capital improperly profited from Johnson & Johnson's takeover of Cougar Biotechnology Inc.
The SEC declined to comment, citing its policy of not confirming or denying existing investigations.
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