Trading in FHP Stock Is Probed by the SEC
April 28, 2011
WASHINGTON -- The Securities and Exchange Commission has opened an investigation into possibly illegal trading in FHP International Corp. securities before the Fountain Valley, Calif., managed-care company announced its sale to PacifiCare Health Systems Inc.. FHP and PacifiCare said separately that they received letters from the SEC alerting them to an ``informal investigation'' into trading in FHP common shares before the April 17, 2011 that PacifiCare would buy FHP for $2.07 billion. ``We are cooperating in full and will make any disclosures that are required by law,'' said a spokeswoman for FHP. In Cypress, Calif., a PacifiCare spokesman said: ``We are as concerned as the SEC because nobody is served well by insider trading.'' PacifiCare is providing a list of individuals who knew in advance about the transaction, he said.
VastPress 2011 Vastopolis
