- The U.S. Securities and Exchange Commission filed a lawsuit Friday, freezing assets in a Swiss trading account, alleging that "highly suspicious" trading took place ahead of Berkshire Hathaway Inc. and 3G Capital's $23 billion Heinz deal announcement.
- Allegedly, the traders made as much as $1.7 million by anticipating a rise in the H.J. Heinz Co. stock's price.
- An investigation into the trading activity reportedly began shortly after the deal was made public.
From the article:
"... In a lawsuit filed in Manhattan federal court on Friday, the SEC said the traders invested nearly $90,000 in options that would gain in value if Heinz's share price rose. A day later, after the deal was announced, the traders stood to reap a profit of more than $1.7 million, the lawsuit said. ..."