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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMMISSION JUDGEMENT SECURITIES LITIGATION WILLIAM YORK DISTRICT COURT CONSENT ENTRY MEDIMMUNE PREJUDGMENT PAID DEFENDANT MORGAN PURSUANT VALID CLAIMS FEDERAL SECURITIES LAWS REASON COMPLAINT POSSESSION NONPUBLIC INFORMATION PROPOSED COLLABORATION AGREEMENT MERCK IMMUNOTHERAPY VACCINE AIDS VIRUS MONOCLONAL ANTIBODY TECHNOLOGY ADMITTING DENYING ALLEGATIONS |
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14740 / November 28, 1995
SEC v. ROBERT J. YOUNG, WILLIAM DOUGLAS MORGAN, RUSSELL LOZIS AND
BETH LOMBARDO, 3:95 CV 2106 (AHN) (D. CONN.)
New York, New York -- The Commission announced today that on
October 30, 1995, the Honorable Alan H. Nevas of the United
States District Court for the District of Connecticut entered a
final consent judgment in this action against defendant William
D. Morgan. The disgorgement ($52,101.92) and prejudgment
interest ($33,793.29) to be paid by defendant Morgan pursuant to
that judgment will be held by the Court for the benefit of
persons who submit valid claims arising under the federal
securities laws by reason of the conduct alleged against
defendant Morgan in the Complaint. Such claims must be filed
within one year after the date of entry of the final judgment.
In this action, the Commission alleged that defendant Morgan
purchased securities of MedImmune, Inc. ("MedImmune") during the
first three weeks of October 1991 while he was in possession of
misappropriated material, nonpublic information concerning a
proposed collaboration agreement between MedImmune and Merck,
Inc. to develop an immunotherapy and vaccine for the AIDS virus
using MedImmune's monoclonal antibody technology. The Commission
also alleged that defendant Morgan tipped others. Defendant
Morgan consented to the entry of the final judgment without
admitting or denying the allegations. For further information,
see Litigation Release No. 14661 (September 29, 1995).
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 14740 / November 28, 1995
SEC v. ROBERT J. YOUNG, WILLIAM DOUGLAS MORGAN, RUSSELL LOZIS AND
BETH LOMBARDO, 3:95 CV 2106 (AHN) (D. CONN.)
New York, New York -- The Commission announced today that on
October 30, 1995, the Honorable Alan H. Nevas of the United
States District Court for the District of Connecticut entered a
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