USA: Traders sued by SEC over illegal buy up of Ralston Purina call options
An undisclosed number of individuals allegedly traded ahead of Nestlé 's public announcement of its US$10bn Ralston Purina buyout on 16 January, and they are now facing prosecution from the Securities and Exchange Commission. Shortly after discussions over a proposed merger began in November, the traders used Swiss bank accounts to buy up the "highly profitable" call options on Ralston's shares.
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