What is ‘ImClone – IMCL’
A publicly-traded biotechnology company marketing products in the field of oncology. The company made international headlines in 2002 after ImClone’s founder and CEO Sam Waksal was indicted for attempting an insider trade of the company’s stock. Shortly after Waksal’s indictment, “domestic diva” Martha Stewart was also indicted for insider trading of the same stock. Stewart received information from Waksal and her own broker that Waksal had been trying to dump $5 million worth of his shares in the company on insider information, and she sold her shares on the knowledge that Waksal had tried to sell his.
Explaining ‘ImClone – IMCL’
Both Sam Waksal and Martha Stewart were convicted of insider trading and other crimes and were sentenced to spend time in federal prisons.
- A competing risk analysis of executions and cancellations in a limit order market – papers.ssrn.com [PDF]
- Public biotech 2007–the numbers: record profits and financing in the public biotech sector may be unsustainable in the coming years as economies falter – go.gale.com [PDF]
- Martha Stewart's lessons in behavioral finance – papers.ssrn.com [PDF]
- Martha Stewart, Normal Investor – papers.ssrn.com [PDF]
- Save Martha Stewart-Observations about Equal Justice in US Insider Trading Regulation – heinonline.org [PDF]
- Short sales and put options: Where is the bad news first traded? – www.sciencedirect.com [PDF]