A former Dow Jones & Co. board member and three others will pay $24 million to settle charges of trading on inside information about an unsolicited $5 billion buyout offer from News Corp. that sent Dow Jones shares up sharply last year, according to a Journal story.
“Regulators said the Leung family members stood to reap about $8 million of illegal profits but were thwarted because the SEC obtained an emergency court order last May freezing their account at Merrill Lynch & Co. and stopping the money from moving offshore.
“News Corp. acquired Dow Jones in December. Its $60 per share offer for the company, which publishes The Wall Street Journal and this newswire, was a hefty premium over the price last spring. Dow Jones stock climbed nearly 60%, to $56.90, when news of the offer was first made public on CNBC.”
Read more here.
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