Whistleblower News From The Inside -- May 3, 2017
By the C|C Whistleblower Lawyer Team
SEC awards $500k for whistleblower tip — The SEC said the company insider alerted the agency to “well-hidden” misconduct. The award is the second announced by the Commission in the past week. SEC
Nevada stock promoter convicted in $131M market fraud scam — A federal jury returned the guilty verdict against Louis Petrossi, founder and CEO of Wealth Research Institute, in a market manipulation scheme concerning ForceField Energy, a LED lighting company. Petrossi allegedly hyped ForceField’s stock without telling investors he was receiving a commission. NY Daily News
Genentech beats whistleblower lawsuit claiming data suppression — A federal appellate court upheld the suit’s dismissal. The action “accus[ed] Genentech of suppressing data that might have discouraged doctors from certifying that its cancer drug Avastin was reasonable and necessary for at-risk Medicare patients.” Reuters