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SEC Drops Insider Trading Case Over J&J Deal

Law360, New York (November 03, 2009) -- Following a mistrial, the U.S. Securities and Exchange Commission has dropped a suit against the head of a medical device company accused of trading on inside knowledge of Johnson & Johnson’s acquisition of diabetes products manufacturer Animas Corp.

The SEC dismissed with prejudice its allegations against Joseph A. Fontanetta, CEO of Diopsys Inc., in a stipulation of dismissal that Judge Jed S. Rakoff of the U.S. District Court...

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