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Biotech / Medical : ICN Pharmaceuticals
ICN 21.35+0.3%Jul 22 4:15 PM EDTNews

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To: Clouseau who wrote (660)1/19/1998 5:38:00 PM
From: Uncle Mikey of 1029
 
Here's a synopsis of the latest WSJ article (this afternoon):

Title: SEC Is Seeking to Remove Panic as Chairman of ICN



SEC is seeking the removal of ICN Chairman Panic and want to file civil insider-trading charges against him, ICN disclosed.

Article goes on to reiterate all of the old news: ICN will vigourously defend in court, etc, but then:

Eugene Melnitchenko, a former ICN executive and analyst, says the SEC activity "gives the board enough ammunition" to oust Mr. Panic.

Panic has been in Eastern Europe, touting plans to move the company's HQ there.

According to Mr. Melnitchenko, a former company executive said he believes the legal turmoil and other factors could prompt ICN's board to consider selling the company.

Article then goes on to recount the chain of events in legal squabbles with the SEC>
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