A federal court declared a mistrial on all counts against Skadden client James Mazzo, the former chairman and CEO of Advanced Medical Optics, in the retrial of insider trading charges brought against him by the U.S. Attorney’s Office for the Central District of California, after the jury announced that it was “hopelessly deadlocked.”
The jury voted 10-2 in favor of acquitting Mr. Mazzo on 19 of the 20 counts against him, and 9-3 in favor of Mr. Mazzo on the remaining count. The government alleged that he tipped Douglas DeCinces, a former professional baseball player, about AMO’s January 2009 merger with Abbott Laboratories. The indictment alleged that Mr. DeCinces had traded on this alleged insider information and passed it on to several friends and family members, who collectively with Mr. DeCinces made over $2.5 million in profits.
In the first trial against Mr. Mazzo, the jury was unable to reach a verdict on any of the counts against him.