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River Stages. Football Friday Night. GR8 Acts of Kindness. Class Act. Great Health Divide. Breast Cancer Awareness. What's On TV. About Us. Had information about the Waksals' efforts to sell been known publicly, it would have signaled insider pessimism at ImClone about the FDA decision, the prospects for Erbitux, and the future of the company, according to the complaint. The Commission alleges that, during the morning of Dec. During a subsequent telephone call, Faneuil conveyed that information to Stewart, who promptly instructed Faneuil to sell all 3, shares of her ImClone stock.
The next day, Dec. By the close of the next trading day, Monday, Dec. The Commission alleges that Stewart and Bacanovic went on to lie when the Commission staff and criminal authorities questioned them about the facts surrounding Stewart's sale of ImClone stock.
At the time ImClone was testing an experimental drug called Erbitux, which was to be used in infusions for patients with certain types of cancer. The drug was submitted to the Food and Drug Administration for approval, which it failed to get.
One of the founders of the company, Dr. Samuel Waksal, was arrested for advising friends and family members to sell the stock before the FDA made the announcement and the stock dropped in price.
The suspicious timing and the fact that she received the information about the stock through her stockbroker , Peter Bacanovic, led to an investigation of Stewart's dealings with ImClone. Martha Stewart repeatedly denied any wrongdoing, claiming that she had an agreement with her broker to sell the shares if they went below a certain price. However, Bacanovic's assistant asserted he was told to tip her off. Stewart was charged with securities fraud, obstruction of justice , and conspiracy.
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