Filed under: People , Investing With a mountain of evidence ranging from a cooperating witness to wiretapped confessions by an accomplice all but admitting guilt, prosecutors in the Galleon Group insider trading case might think they have an airtight case. But billionaire Galleon founder Raj Rajaratnam seems to be bracing for a fight. Last week Rajaratnam’s lawyers took to the offensive and succeeded in having cooperating witness Roomy Khan’s criminal background included in the hearings . Khan, a former employee of both Intel and Galleon, is a central witness against Rajaratnam. Khan has already pleaded guilty to trading on and passing on insider information as part of a plea agreement. Continue reading Galleon’s Raj Rajaratnam gears up for a legal showdown Galleon’s Raj Rajaratnam gears up for a legal showdown originally appeared on DailyFinance on Sun, 22 Nov 2009 19:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Galleon’s Raj Rajaratnam gears up for a legal showdown

Filed under: Company News , Hewlett-Packard Somebody get the SEC on the phone, stat! Oh wait, they were closed Wednesday for Veterans Day. Suspicious activity in the options market for 3Com ( COMS ) raised concerns late Wednesday that news of computer and printer maker Hewlett-Packard’s ( HPQ ) $2.7 billion purchase of the networking company was leaked before the deal was officially announced, according to multiple reports. If this were the case, the activity could be a possible violation of securities law against insider trading. There was an abnormally massive spike in activity for November and December call options, which would give the holder the right to buy 3Com shares at $5. The stock was up 35% in after-hours trading to $7.65, meaning that someone who exercised the option could have realized a 35% paper gain in a matter of hours. Continue reading Suspicious trading before HP’s $2.7 billion 3Com bid; SEC closed for holiday Suspicious trading before HP’s $2.7 billion 3Com bid; SEC closed for holiday originally appeared on DailyFinance on Wed, 11 Nov 2009 19:30:00 EST. Please see our terms for use of feeds . Permalink | Email this | Comments

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Suspicious trading before HP’s $2.7 billion 3Com bid; SEC closed for holiday