SAC Capital Seeks Details of Lawsuit Funding
07th Aug 2015
Plaintiffs engaged in a securities class action against SAC Capital Advisors indicated in early discovery requests that they were being financed by an outside funding source; SAC is now calling—for the second time—for transparency over who exactly is funding the plaintiffs’ case.
The case stems from allegations of insider trading on the part of a former SAC portfolio manager involving an Alzheimer’s drug developed by Wyeth Lt. and Elan Corp.
“It is critical that Elan plaintiffs’ unconventional funding arrangement be evaluated now—prior to the appointment of class representatives and class counsel—to avoid potential problems,” say SAC lawyers, who point out that information about the plaintiffs’ funders could be relevant to their pending motion for class certification.
Read more here.