Hedge fund firm SAC Capital Advisors gave its employees a 46-page rebuttal to U.S. government allegations that Chief Executive Steven Cohen failed to take effective measures to prevent insider trading, CNBC confirmed.
The Wall Street Journal originally reported on the rebuttal.
The newspaper said the firm's lawyers had prepared the memo in response to the U.S. Securities and Exchange Commission civil enforcement action on Friday against Cohen.
(Read more: Bull's-eye! SEC pins charges on SACCapital's Cohen)