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Imclone Business Ethics

Imclone Business Ethics

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Title: Imclone Business Ethics

Essay Details:

Subject: Business

Author: Nancy C

Date: January 27, 2016

Level: University

Grade: B

Length: 4 / 983

Essay text:

Samuel Waksal knowingly participated in insider trading which involved selling his ImClone stock and then notifying his family of the impending refusal by the FDA for the approval of their first drug Erbitux. Waksal was privy to non-public information which he knew would negatively impact the value of ImClone stock. Rather than perform his corporate duty and abide by the Securities Act, he made the conscious decision to deceptively sell his shares of stock before the FDA results caused him to suffer huge personal financial losses. Waksal attempted to transfer and sell his stock but was unable to through normal channels, as the stock was restricted and required the approval of ImClone legal counsel...

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