Sunday, 19 October 2014
Last updated 2 days ago
Sep 11 2007 | 7:10am ET
The settlement between Canadian pharmaceutical maker Biovail Corp. and Banc of America Securities could be bad news for hedge fund honcho Steven Cohen and his SAC Capital Management.
Yesterday, Biovail settled its market-manipulation suit against BofA and a former analyst, saying that the deal “is expected to be extremely helpful in Biovail’s pursuit of its lawsuit” against SAC, related entities and persons, and independent research firm Gradient Analytics. But the “substantial sworn testimony” that ex-analyst David Maris is set to provide, along with possibly additional evidence from BofA, are reportedly not coming cheap: The New York Post reports that, under the terms of the settlement, Biovail will pay some $2 million to Maris and BofA to cover legal expenses.
Biovail alleges that SAC helped “ghost write” negative and false research reports about it for the furtherance of its own benefit; SAC had shorted Biovail stock in 2003 and 2004.
Both SAC and Gradient have denied any wrongdoing.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...