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Monday, September 29, 2014

SEC lawsuit over Onyx insider trading can move forward -U.S. judge, (NASDAQ: AMGN)

U.S. securities regulators can move forward with a lawsuit accusing two Dubai residents of making $3.7 million through insider trading in Onyx Pharmaceuticals Inc and another biotechnology company, a Manhattan federal judge ruled on Monday. U.S. District Judge Paul Oetken last year dismissed an earlier version of the lawsuit by the Securities and Exchange Commission against Dhia Jafar and Omar Nabulsi over trades they made ahead of news of an offer by Amgen Inc to acquire Onyx.But Oetken said an amended complaint filed in December adding allegations about the circumstances of the Onyx trades, and assertions related to trading in Life Technologies Corp were sufficient to allow a plausible claim of insider trading."Based on the SEC's allegations, it is fair to characterize both the Life and Onyx trades as risky and suspicious," Oetken wrote.The judge also declined to lift an order freezing $2.55 million of their assets.

Amgen Inc. is a global biotechnology pioneer that discovers, develops, manufactures and delivers human therapeutics. Shares of AMGN fell by 0.7% or $-0.99/share to $140.07. In the past year, the shares have traded as low as $105.76 and as high as $144.46. On average, 3126410 shares of AMGN exchange hands on a given day and today's volume is recorded at 2222410.