Keith, a vice-president of AmDrug Inc., owns a significant amount of stock in his company.
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Get it written →Keith, a vice-president of AmDrug Inc., owns a significant amount of stock in his company. Yesterday he discovered that the FDA will not approve AmDrug’s new drug to treat diabetes unless additional testing is done. Keith sold 40,000 shares of stock in AmDrug this morning, just before the company made the public announcement of the FDA delay in approving the drug, which caused the stock to drop $10 per share. Has Keith violated any securities laws? Would your answer be different if Keith had told his sister to sell her shares?
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