Federal regulators drop charges against 1 of the accused charged with insider trading in connection with Abbott's 2009 buyout of Advanced Medical Optics.
Federal investigators late last month moved to drop charges against 1 of the quartet of suspects accused of insider trading in connection with Abbott's (NYSE:ABT) $2.8 billion buyout of Advanced Medical Optics in 2009.
Defendant Roger Wittenbach was accused alongside former baseball player Doug DeCinces and 2 others of acting on information allegedly obtained from DeCinces, who investigators said learned of the impending buyout from then-CEO James Mazzo.
Prosecutors suddenly requested a dismissal of the case against Wittenbach late last month, and U.S. District Judge Andrew Guilford approved the motion in short order, although no reason was given for the dismissal.
Prosecutors in November 2012 indicted DeCinces, Wittenbach and 2 others on criminal charges of insider trading. DeCinces had already agreed to pony up $2.5 million (but admitted no guilt) to settle similar charges leveled by the SEC.
DeCinces allegedly passed the inside information on to 3 of his friends, prosecutors alleged, to make up for bad investment advice he'd given them previously.
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