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Genzyme reviewing complaints

By Robert Weisman
Globe Staff / May 12, 2010

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Genzyme Corp. yesterday said it is looking into stockowner allegations that some company officials sold Genzyme shares based on information that wasn’t available to all investors.

In a filing with the Securities and Exchange Commission, the Cambridge biotechnology company said some shareholders had alleged that “certain of our directors and executive officers took advantage of their knowledge of material non-public information about Genzyme to illegally sell stock they personally held in Genzyme.’’

A company spokesman said Genzyme has formed a panel of three independent directors and hired independent legal counsel to investigate the allegations, which were first disclosed to regulators in November. The company didn’t identify executives or directors who are the subjects of the inquiry.