Insider trading investigations are latest hurdle for Converium
The Swiss Exchange (SWX) has completed a probe into possible insider trading at Converium according to Reuters. The investigation followed the announcement in July of a $385 million hole in reserves which has resulted in a two-thirds fall in the share price. The U.S. Securities and Exchange Commission is carrying out a similar investigation, according to the company’s SEC filing on October 6th.
The SWX probe was conducted to determine whether company insiders traded Converium shares before the reinsurer revealed its shortcomings in reserves. It has declined to comment on the outcome of theOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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