Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Hedge Fund and Insider Trading News: Ken Griffin, Tom Steyer, Elliott Management Corp, Thor Industries, Inc. (THO), Cracker Barrel Old Country Store, Inc. (CBRL), and More

Six Years After Crackdown, U.S. Set for Another Insider Trading Trial (Bloomberg)
Six years after his case was hailed as the centerpiece of an insider-trading crackdown against SAC Capital Advisors LP, prosecutors said Wednesday they’re ready to take a former fund manager to trial, just weeks after a federal judge tossed his guilty plea. Richard S. Lee pleaded guilty in July 2013, days before then-U.S. Attorney Preet Bharara unveiled a sweeping indictment that alleged SAC Capital orchestrated a massive insider-trading scheme. Lee was one of at least eight SAC fund managers or analysts who were charged criminally in the government’s attack on illicit trading.

In First, Singapore Jails ‘Front-Runners’ for Insider Trading (Reuters)
SINGAPORE (Reuters) – Singapore convicted three people for “front-running” under insider trading laws on Wednesday, the central bank said, in the first case of its kind in the city-state. The Monetary Authority of Singapore (MAS) said Leong Chee Wai, E Seck Peng Simon and Toh Chew Leong were convicted and sentenced to 36 months, 30 months and 20 months in prison. “This is the first case of front-running prosecuted as an insider trading offense in Singapore, which carries a more severe penalty,” the MAS said in a statement.

Insider Activity: Thor Industries (THO) Board Member Buys $202k in Stock (Investors Observer)
James L Ziemer, a member of the board of directors at Thor Industries (THO), bought 3,545 shares of the company’s common stock on Jul 8. At $57.23 per share, Ziemer paid a total of $202,880 for the new shares.

United States: Southern District Of New York Vacates Insider Trading Guilty Plea Based On Insufficient Personal Benefit Evidence Under United States v. Newman (Mondaq.com)
On June 21, 2019, in United States v. Lee,1 Judge Paul G. Gardephe of the U.S. District Court for the Southern District of New York issued an order vacating the guilty plea of a former investment portfolio analyst, Richard Lee, to charges of insider trading based on confidential information obtained from an investment research firm that, in turn, received the information from company insiders. Judge Gardephe explained that, after Lee’s guilty plea in 2013, the Second Circuit clarified in United States v. Newman that a remote tippee such as Lee (that is, someone multiple steps removed for the source, or tipper, of the confidential information) only could be held liable for insider trading if (a) the tipper received a “personal benefit” for disclosing the confidential information and (b) the defendant knew that the information was confidential and the tipper received a personal benefit.

Wednesday 7/10 Insider Buying Report: THO, CLDB (Nasdaq.com)
At Thor Industries, a filing with the SEC revealed that on Monday, Director James L. Ziemer purchased 3,545 shares of THO, at a cost of $57.23 each, for a total investment of $202,880. Thor Industries is trading up about 0.6% on the day Wednesday. Before this latest buy, Ziemer made one other buy in the past twelve months, purchasing $408,700 shares for a cost of $81.74 each. And on Friday, Director Timothy K. Woofter bought $1,500 worth of Cortland Bancorp, buying 63 shares at a cost of $23.89 each. Before this latest buy, Woofter purchased CLDB at 8 other times during the past year, for a total cost of $13,454 at an average of $22.44 per share. Cortland Bancorp is trading trading flat on the day Wednesday.

A Major Shareholder at Cracker Barrel (NASDAQ: CBRL) is Selling Shares (Analyst Ratings)
Today, a Major Shareholder at Cracker Barrel (CBRL), Sardar Biglari, sold shares of CBRL for $25.72M. Based on Cracker Barrel’s latest earnings report for the quarter ending April 30, the company posted quarterly revenue of $740 million and quarterly net profit of $50.41 million. In comparison, last year the company earned revenue of $721 million and had a net profit of $48.75 million. CBRL’s market cap is $4.13B and the company has a P/E ratio of 18.81. Currently, Cracker Barrel has an average volume of 526.7K.

DOWNLOAD FREE REPORT: Warren Buffett's Best Stock Picks

Let Warren Buffett, George Soros, Steve Cohen, and Daniel Loeb WORK FOR YOU.

If you want to beat the low cost index funds by 19 percentage points per year, look no further than our monthly newsletter.In this free report you can find an in-depth analysis of the performance of Warren Buffett's entire historical stock picks. We uncovered Warren Buffett's Best Stock Picks and a way to for Buffett to improve his returns by more than 4 percentage points per year.

Bonus Biotech Stock Pick: You can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12 months.
Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading...