Newsgroup: it.economia.borsa
Titolo: Tenaris: la Sec ha avviato un'indagine sulla fusione con Maverick

occasione per uscirsene e portarsi a casa il ghein prima di restare alla 
finestra??
saluti leopardati
=====================================================
Tenaris: la Sec ha avviato un'indagine sulla fusione con Maverick per 
sospetti acquisti di opzioni call avvenuti prima del deal.
SEC Files Insider Trading Suit Over Maverick Tube Option Purchases
As identified in a St. Louis Post-Dispatch article and discussed in an 
earlier post (here), suspicious trading in Maverick Tube call options right 
before the company announced it agreed to be taken over at a 30%+ premium 
has triggered an SEC civil action for insider trading (complaint here). The 
purchaser is Tenaris S.A., a company headquartered in Luxembourg and 
controlled by a parent company in Argentina. And, not surprisingly, the 
trading comes from Argentina, with two sets of purchasers identified by the 
SEC as trading in Maverick Tube call options and stock during the relevant 
period. According to the SEC complaint, the two sets of defendants are the 
Cavalleros of Buenos Aires and the Millers, who list a permanent address of 
Buenos Aires and apparently reside in Uruguay.
The complaint does not set forth any connection between the various 
defendants (there are five individuals) and Tenaris, going with the 
geographic connection and the timing to assert "on information and belief" 
that they were in possession of material nonpublic information in breach of 
a duty of trust and confidence. The timing evidence certainly is striking, 
with each group purchasing large numbers of June 06 out-of-the-money call 
options less than ten days before they would expire worthless -- a very 
risky bet, or a sure thing if you know the deal is about to be announced. 
The defendants also purchased Maverick Tube common stock, transactions that 
were much less lucrative. On the call option trades, the Cavalleros had a 
profit of over $850,000 on a $55,000 investment, while the Millers' profits 
were over $220,000 on an investment of a little less than $20,000.  If you 
annualize those investment gains, they make Warren Buffett look like a minor 
leaguer.
Typical of insider trading cases involving overseas defendants, the 
Commission obtained a Temporary Restraining Order and Asset Freeze (order 
here) to prevent the money from leaving the United States while the 
Enforcement Division continues its investigation. Each group of defendants 
traded through the overseas offices of U.S.-based brokerage firms (Merrill 
Lynch and Wachovia), so the funds were on deposit in this country after the 
execution of the sale orders at the time the SEC filed suit. The case will 
now move forward on an expedited discovery basis in which the Commission 
will try to identify the source of the material nonpublic information, if 
any. I would expect Tenaris to cooperate in the investigation because it 
hardly does the company any good to have the SEC angry at it while it tries 
to complete the purchase of a U.S. corporation whose shares are publicly 
traded.
As part of the SEC's discovery, the various defendants will be noticed for 
depositions in the United States, at which they can try to explain why their 
trading did not involve material nonpublic information. If they were to show 
up, however, they would likely risk an immediate arrest and criminal insider 
trading charges. The SEC case is being conducted out of its Chicago office, 
which means the U.S. Attorney's Office for the Northern District of Illinois 
likely would be involved on the criminal side, and somehow I expect U.S. 
Attorney Patrick Fitzgerald's securities/commodities group will be quite 
aggressive if given the chance. A default judgment in the SEC civil action 
is a real possibility, leaving over $1 million on the table. (ph)

Bart per cortesia proprio stamattina che mi sono posizionato
mi dai ste notizie ?
"Zio-Bart-Signal®" <Bar...@libbero.iitttt> ha scritto nel messaggio 
news:QHsmg.11513$_J1.1...@twister2.libero.it...



al volo!! ecco perche dall'apertura la stanno massacrando!! a sto punto il
finale sara in rosso fuoco...

 mi dai ste notizie ?
cmq non ha sortito effetti, č mezza bufala e mezza notizia vecchia
in ogni caso solo dopo la sveglia degli yankees sapremo che direzione vuole 
prendere...
io per ora resto dentro (p.m. di carico 12,70...)

 finale sara in rosso fuoco...
pare sia news vecchia e forse ininfluenete,
 in ogni caso dopo le 14 - 14,3o si comincerà a capire quarcosa..