Takeover Insider Trading

New York, NY: (Jan-28-08) The US Securities and Exchange Commission brought charges against David Li, a former Dow Jones board member, alleging that he engaged in insider trading during the 2007 takeover battle for the US media group. Sources close to the investigation stated that the SEC had amassed circumstantial evidence that potentially linked Li to unusual trading by others in Dow Jones stock before the May 1, 2007 announcement that Rupert Murdoch's News Corp. planned to offer $60 per share for the company. Li, currently the chairman and chief executive of his family's Hong Kong-based Bank of East Asia, did not admit or deny the allegations, or admit any liability. Sources stated that Li had reached a tentative agreement with US securities regulators to pay more than $8 million to resolve allegations. [FINANCIAL TIMES: INSIDER TRADING]

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Published on Jan-28-08