Cardiovascular Systems addresses U.S. govt. info request in insider trader investigation

Medical device maker Cardiovascular Systems confirmed that the U.S. government has requested information as part of an investigation into corporate insider investment vehicles. Bloomberg reports that the company acknowledges that it is part of the investigation--first reported by The Wall Street Journal--and that it is fulfilling the government's request for information. A spokesman is quoted in the Bloomberg story saying Cardiovascular Systems has nothing to hide and isn't the target of the actual investigation, in part because corporate governance procedures have been long in place to keep insider trading from happening. At issue: 10b5-1 plans, which, as the article notes, allow corporate insiders with nonpublic company information to participate in securities trading by way of a predetermined arrangement. Story

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