Biotech Values

[DewDiligence]

Never seen a statement like this before:

http://finance.yahoo.com/news/sac-capital-wont-cooperate-unconditionally-204658439.html

Steven A. Cohen's hedge fund, SAC Capital Advisors, told investors on Friday it would no longer cooperate "unconditionally" with the U.S. government's insider trading investigation.

In a brief letter to investors, the $15 billion hedge fund did not elaborate but said it believes the next few months will be critical in the investigation… The letter, which an investor in the fund who did not want to be identified read to Reuters over the telephone, also said while SAC believes in transparency, it may not be able to give frequent updates to investors.

Normally, firms issue a boilerplate statement that they will “fully cooperate with the investigation” even if they have no intention of doing so.