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SEC slaps Perry Corp. with $150,000 fine for violating securities law
By Lisa Kerner
Charlotte, N.C., July 21 - The Securities and Exchange Commission charged New York-based investment adviser Perry Corp. with securities law violations for failing to report that it had purchased substantial stock in a public company, it was announced on Tuesday.
According to the SEC, Perry purchased the shares in order to vote them in favor of a merger from which Perry stood to profit.
Perry failed to disclose that it had acquired nearly 10% of the common stock of Mylan Laboratories, Inc., a Canonsburg, Pa., pharmaceutical company, as required by securities laws, the release said.
At the time, Mylan had announced a proposed acquisition of Bristol, Tenn.-based King Pharmaceuticals, Inc. that was subject to shareholder approval, said the SEC.
"By acquiring significant voting rights to Mylan shares without informing the marketplace, Perry illicitly increased its potential to profit from its merger arbitrage position," David Rosenfeld, associate director of the SEC's New York regional office, said in the release.
Perry agreed to pay a $150,000 penalty to settle the charges without admitting or denying the SEC's findings.
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