» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 129 | NO. 102 | Monday, May 26, 2014

Docs Settle Insider GTx Trading Claims for $100,000

AP

Print | Front Page | Email this story | Comments ()

SAN BERNARDINO, Calif. (AP) – Two Southern California doctors will pay more than $100,000 to settle insider-trading allegations involving a drug they were testing.

The Securities and Exchange Commission announced Monday that Dr. Franklin Chu and Dr. Daniel Lama, both of San Bernardino, agreed to pay the fines. They didn't acknowledge any wrongdoing.

The SEC alleged that the physicians were conducting drug trials of a prostate cancer drug called Capesaris in 2012 when they learned that the Food and Drug Administration had halted trials because of patient safety concerns.

The SEC claims the doctors then sold off stock in the drug's developer, GTx Inc., to avoid trading losses.

After GTx publicly announced the trial halt a few days later, its stock dropped more than 36 percent.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog Get more from The Daily News
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 65 65 1,775
MORTGAGES 97 97 2,225
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 238 238 3,643
BANKRUPTCIES 65 65 1,551
BUSINESS LICENSES 20 20 637
UTILITY CONNECTIONS 121 121 2,076
MARRIAGE LICENSES 22 22 277

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.