The Securities and Exchange Commission on Friday lost its third insider trading trial of the year and its second in the space of seven days when a federal jury found former sTec Inc co-founder and chief executive Manouchehr Moshayedi not liable for trading on non-public information, Reuters reports.
The case against Moshayedi was one of the largest U.S. insider trading enforcement actions to go to trial. The lawsuit against Moshayedi, filed in 2012, alleged that he and his brother Mark had planned to sell a large percentage of stock holdings in sTec back in 2009 to coincide with the release of the company’s second-quarter results.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
