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Baseball Primer Newsblog
— The Best News Links from the Baseball Newsstand
Wednesday, November 28, 2012
In 2008, DeCinces was told by a close friend and official at Advanced Medical Optics Inc. that Abbott Laboratories planned to pay $21 to $23 a share for the company’s stock, prosecutors said. At the time, Advanced Medical Optics was trading for about $8 a share.
DeCinces began buying Advance Medical stock based on that information and passed along the takeover details to three friends because he wanted to make up for previous investment recommendations that had gone bad, prosecutors said.
When Abbott’s offer was made public, DeCinces sold his newly purchased shares and profited about $1.3 million, court documents show. Abbott acquired Advanced Medical Optics in January 2009.
DeCinces’ three friends each bought and sold Advanced Medical stock and made anywhere from $140,000 to nearly $350,000, authorities said.
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