CHICAGO (CN) – A businessman and an attorney profited by trading on inside information about American Medical Systems’ acquisition of Laserscope, a medical laser manufacturer, the SEC claims in Federal Court.
Defendant Edward Boshell, 72, learned about the acquisition during a board meeting of “a Dallas-based business development company” of which he was “an outside disinterested director,” the SEC says. He bought 10,000 shares before the public announcement and sold them a month later for a profit of $85,750, the complaint states.
Defendant Donald Pochopien, 61, was shareholder in a Chicago law firm that American Medical hired to conduct due diligence review of Laserscope. He received inside information about the acquisition, bought 14,000 shares of Laserscope and sold them a month later for profit of $134,970, the SEC says.