Exec's 'Passion' for NeuTec Pharma Led 2 Lawyers to Buy Stock, Jury Is Told
An executive of NeuTec Pharma had such a “passion” for his company that he told friends and family members “I work for the most amazing company that will save many lives and make me very wealthy one day.”
But, although his enthusiasm for the biotech company “rubbed off” on about 10 friends who bought shares, now-former finance director Andrew King, 45, told a Southwark Crown Court jury yesterday that he never directly encouraged them to invest in NeuTec stock, reports the London Times.
Among those who allegedly purchased—and profited when NeuTech was sold to Swiss pharmaceuticals giant Novartis—were two co-defendants in the United Kingdom insider-trading case against King, attorneys Michael McFall, 43, and Andrew Rimmington, 40.
McFall is an ex-partner of McDermott Will & Emery and Rimmington is an ex-partner of Dorsey & Whitney. McFall worked at Dorsey & Whitney for six years before joining McDermott’s London office in 2004, according to the Lawyer.
All three defendants in the Financial Services Authority case deny wrongdoing.
The FSA contends that McFall and Rimmington suddenly began “piling in” to purchase the obscure, illiquid NeuTech stock before the Novartis deal became public.
Earlier coverage:
ABAJournal.com: “Two UK Partners at Dorsey and McDermott Face Insider Trading Charges”
