SEC Probes Trading of BP Shares After Gulf Explosion (BP)
According to people familiar with the matter, the SEC is investigating trade activity on shares of BP (NYSE: BP) after the Deepwater Horizon explosion.
The SEC is probing whether there was irregular trade between April 20 - the day of the explosion - and late June - when BP was engaged in closing the well.
According to CNBC, "The probe focuses on whether or not third parties, such as hedge funds, were trading in a way that indicated they had insider information about the success or failure of efforts to stop the oil leak in the Gulf of Mexico."
Shares of BP are down 0.75% today, to $37.72.
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