SEC v. Denise Grevas (insider trading, 2021)

Settled

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In August 2021 the SEC announced charges against Denise Grevas for buying 30,800 Alder BioPharmaceuticals shares after overhearing her spouse's call about Lundbeck's planned tender offer, gaining $286,960. She agreed to an injunction and a penalty to be set by the court, subject to approval.

The record

What was ordered

Civil penalty

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Disgorgement

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Prejudgment interest

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Total relief

—

Alleged gain

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A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

The Securities and Exchange Commission announced the matter on August 18, 2021 as litigation release 25174, filed in the Northern District of Illinois.

The complaint alleges Grevas learned of the tender offer in an August 2019 call with her spouse, a member of Lundbeck's due diligence team, and bought across five accounts until the September 16, 2019 announcement, after which Alder's shares rose 84%.

The settlement is subject to court approval and no amount was fixed, so the status is settled, not filed. The release notes a parallel criminal case.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Insider trading — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2021-08-18 Litigation release published

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• SEC litigation release

The linked release is a work of the United States government and is not subject to copyright. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.