SAC Capital Sued By Wyeth Investors

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SAC Capital Advisors was sued by a public pension fund that holds shares of Wyeth, now a unit of Pfizer, over alleged insider trading on tips about an Alzheimer’s drug.

Bloomberg reports that Birmingham Retirement & Relief System sued SAC, its founder, Steven A. Cohen, and SAC units including CR Intrinsic Investors LLC, claiming damages for alleged illegal trading by the hedge fund in the drugmaker’s stock.

Stamford, Connecticut-based SAC last month agreed to pay a record $602m to settle insider-trading allegations filed by the Securities and Exchange Commission.

In the settlement, which must be approved by U.S. District Judge Victor Marrero, SAC didn’t admit or deny wrongdoing.

The Birmingham fund, in its complaint filed last week, seeks to represent a class of investors who bought Wyeth common stock in 2008 from July 21 to July 29.

Hit the link below to access the complete Bloomberg article:

SAC Capital Sued by Wyeth Investors in Tiping Claim

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