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From Securities Regulation Daily, November 8, 2013

SAC Capital enters guilty plea

By Matthew Garza, J.D.

Steven Cohen’s S.A.C. Capital hedge fund entered a guilty plea today in the federal district court in Manhattan. The company expressed “deep remorse” and said it accepted responsibility for the misconduct of six former employees of four affiliated companies who each previously pled guilty to insider trading charges. The plea remains subject to the court’s acceptance.

“We at SAC regret terribly the misconduct of these individuals,” the company said. “We have paid, and are paying, a very steep price for their actions, not simply in terms of the amounts payable in this action and the civil forfeiture action, and the related SEC actions, but also in terms of the damage done to our business and the reputations of the good people that work at our firm. We are chastened by this experience, but we are determined to learn from it and emerge from this a better firm.”

U.S. Attorney Preet Bharara said “today four SAC Capital companies pled guilty to serious federal crimes that undermined the integrity of our securities markets. Financial institutions should know that they are not automatically immune from prosecution, and we will hold companies, as well as individuals, accountable wherever appropriate.”

Attorneys: Arlo Devlin-Brown for the United States of America. Martin Klotz (Willkie Farr & Gallagher LLP) and Theodore V. Wells, Jr. (Paul, Weiss, Rifkind, Wharton & Garrison LLP) for S.A.C. Capital Advisors, L.P., S.A.C. Capital Advisors LLC, CR Intrinsic Investors LLC, and Sigma Capital Management, LLC.

Companies: S.A.C. Capital Advisors, L.P.; S.A.C. Capital Advisors LLC; CR Intrinsic Investors LLC; Sigma Capital Management, LLC.

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