Three Lawson Software Inc founders agreed to pay about $5.8 million to settle U.S. insider trading charges that they took advantage of incorrect media and analyst reports to trade stock ahead of the company's 2011 merger. Monday's accord resolves U.S. Securities and Exchange Commission charges that former Co-Chairman Richard Lawson, 70, tipped his brother William Lawson, 72, and friend John Cerullo, 71, that the company was not the object of a bidding war, and that a lone bidder was offering less than the market price.The defendants did not admit wrongdoing in agreeing to settle.Lawson Software on March 14, 2011 announced it had received an unsolicited offer, which it later accepted, to be acquired by Infor Global Solutions and an affiliate of private equity firm Golden Gate Capital for about $1.8 billion, or $11.25 per share.According to the SEC, media and analyst reports, including from Reuters, were speculating at the time that suitors including Hewlett-Packard Co, International Business Machines Corp, Oracle Corp and SAP AG might offer higher bids, but that Richard Lawson told his brother and Cerullo this was not the case.
International Business Machines Corporation (IBM) is an information technology (IT) company. Shares of IBM traded higher by 1.38% or $2.62/share to $192.70. In the past year, the shares have traded as low as $172.19 and as high as $211.98. On average, 5077790 shares of IBM exchange hands on a given day and today's volume is recorded at 3013378.
Sap AG is engaged in enterprise applications in terms of software and software-related service revenue. Shares of SAP traded higher by 1.47% or $1.11/share to $76.76. In the past year, the shares have traded as low as $69.71 and as high as $87.42. On average, 989773 shares of SAP exchange hands on a given day and today's volume is recorded at 655086.
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