US authorities filed insider trading charges against two Indian entrepreneurs for allegedly gaining a million dollars from the proposed merger of India's Apollo Tyres and Cooper Tire and Rubber in 2013.
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After the deal was announced, Cooper Tire's stock price increased by 41%. That's when Ahmed apparently liquidated his Cooper Tire stocks and gained over USD 1.1 million. Deep Blue Publications Group LLC discovered that the proposed merger did not materialize anyway due to legal disputes between the two firms in December of 2013.