Oaktree, Array Technologies Board Hit With Insider Trading Suit (Bloomberg Law)
An Array Technologies Inc. investor filed suit in Delaware against its board and backers at Oaktree Capital Management LP, claiming they sold $2.2 billion worth of stock at prices inflated by their scheme to hide the impact of rising steel prices on the company’s bottom line. The partly redacted lawsuit, made public Tuesday, targets Array’s founder, nine current and former members of its board and management, and seven entities associated with Oaktree, itself an affiliate of Canadian private equity giant Brookfield Asset Management Inc.
Andersen Capital Selects Proteus to Structure and Operate New Hedge Fund (Hedge Week)
Proteus has been selected to complement Andersen Capital Managements SMA platform with a technology-enabled, private fund platform supporting the launch of Andersen’s new Weather Mark Long/Short investment strategy. Andersen will take advantage of Proteus’ best-in-class technology, operational rigor, and related infrastructure to seamlessly offer their investment strategies to Accredited and Qualified clientele.
Hedge Fund Industry AuM Declined by $78.8bn in H1-2022 (Opalesque)
Hedge funds faced a challenging half-year during H1 2022 as geopolitical and macro-economic events sparked market chaos and a rare, concerted sell-off in stocks and bonds, according to the With Intelligence Spotlight Report “Hedge Funds in H1 2022”. However, this is not the sudden shock of Covid-hit H1 2020 but rather a steady, negative development during the past three quarters. Hedge funds have still fared better than US large-cap stocks, for example, and there is an opportunity to take advantage of the volatility and weak economic forecasts and outperform.
Wednesday 8/10 Insider Buying Report: CRK, KD (Nasdaq.com)
On Monday, Comstock Resources’ Vice President of Operations, Patrick McGough, made a $427,968 buy of CRK, purchasing 28,800 shares at a cost of $14.86 a piece. McGough was up about 8.0% on the purchase at the high point of today’s trading session, with CRK trading as high as $16.05 at last check today. Comstock Resources is trading up about 1.1% on the day Wednesday. This purchase marks the first one filed by McGough in the past twelve months. And on Friday, Howard I. Ungerleider purchased $211,752 worth of Kyndryl Holdings, purchasing 20,000 shares at a cost of $10.59 a piece. Kyndryl Holdings Inc is trading up about 3.8% on the day Wednesday. So far Ungerleider is in the green, up about 9.1% on their buy based on today’s trading high of $11.55.
$7.5 Million Bet On This Biotechnology Stock? Check Out These 4 Penny Stocks Insiders Are Buying (Benzinga)
Sonim Technologies: The Trade: Sonim Technologies, Inc. (SONM) 10% owner AJP Holding Company LLC bought a total of 5,534,881 shares at an average price of $0.84. To acquire these shares, it cost around $4.65 million. Poseida Therapeutics: The Trade: Poseida Therapeutics, Inc. (PSTX) 10% owner Malin Life Sciences Holdings Ltd acquired a total of 2,150,000 shares at an average price of $3.50. The insider spent $7.53 million to buy those shares.
SEC Awards More Than $16 Million to Two Whistleblowers (HedgeCo.net)
The first whistleblower prompted the opening of the investigation and provided information on difficult-to-detect violations. This whistleblower also identified key witnesses and provided critical information, which helped staff in their investigation. As a result, this whistleblower will receive an award of approximately $13 million. The second whistleblower submitted important new information during the course of the investigation and will receive an award of more than $3 million.
