Link

SEC Loses 2nd Insider Trading Trial In 7 Days

SEC Loses 2nd Insider Trading Trial In 7 Days

Case Title

Securities and Exchange Commission v. Manouchehr Moshayedi

Case Number

8:12-cv-01179

Court

California Central

Nature of Suit

Securities/Commodities

Judge

James V. Selna

Law360, Los Angeles (June 06, 2014, 4:50 PM ET) — A California federal jury on Friday handed the U.S. Securities and Exchange Commission its second insider trading trial loss in a week, siding with the founder of storage device maker STEC Inc. who was accused of deceiving shareholders to reap $267 million for himself and his brother.

The suit, filed in 2012, alleged Manouchehr Moshayedi exploited his knowledge that a major customer wanted far fewer of the company’s most profitable products — information that wasn’t known to the public — when he sold a significant portion…

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s