The U.S. Securities and Exchange Commission filed an insider trading lawsuit in connection with the recent purchase of U.S. underwater oil services company Global Industries Ltd (GLBL.O) by France's Technip SA (TECF.PA). According to the complaint, the unnamed defendants bought Global Industries shares on the two trading days immediately before Technip on Sept. 12 said it would purchase the company for $8 per share, a 55 percent premium. The defendants realized $1.73 million of illegal profit by then selling their shares, according to the complaint. The SEC said the purchases were made through an account in the name of Austria's Raiffeisen Bank International AG (RBIV.VI) held at broker-dealer Brown Brothers Harriman & Co.
Global Industries, Ltd. provides construction and subsea services including pipeline construction, platform installation and removal, construction support, diving services, diverless intervention, and marine support services to the offshore oil and gas industry primarily in selected international areas and the United States Gulf of Mexico. Shares of GLBL traded higher by 0.13% or $0.01/share to $7.86. In the past year, the shares have traded as low as $3.09 and as high as $10.23. On average, 3494680 shares of GLBL exchange hands on a given day and today's volume is recorded at 284913.
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