According to the SEC, Deerfield Mgt shorted stocks before offerings they also participated in... one example (below) is ARRY, others include GERN, SGMO, DSCI, TEAR and PODD.
Quote:During the period from February 2, 2012, through February 8, 2012, Deerfield sold
short 1,417,818 shares of Array BioPharma, Inc. (“ARRY”) during the restricted period at an
average price of $3.10 per share. On February 9, 2012, ARRY announced the pricing of a followon offering of its common stock at $2.60 per share. Deerfield received an allocation of 1,000,000
shares in that offering. The difference between Deerfield’s proceeds received from the restricted
period short sales of ARRY shares and the price for the 1,000,000 shares received in the offering
was $502,576. Thus, Deerfield’s participation in the ARRY offering netted total profits of