Miami Pension Files Lawsuit Against Carl Icahn over Insider Trading Allegations (AI-CIO.com)
The Miami Firefighter Relief and Pension Fund (MFRPF) has filed a lawsuit against Carl Icahn and his affiliated investment vehicles, alleging they breached their fiduciary duty of loyalty by purchasing $1.2 billion of HP Inc. common stock with knowledge that Xerox was intending to buy the stock at a premium price soon afterwards, subsequently generating a substantial profit for Icahn. The pension said that Icahn “effectively controls Xerox based upon being its largest single shareholder,” and has been active in his responsibilities, including replacing at least five out of the seven board members, selling subsidiary organizations, replacing the company CEO, and threatening proxy contests.
With Bipartisan Support, House Passes Explicit Ban on Insider Trading (Lexology)
The U.S. House of Representatives recently approved a bill that aims to create the first federal statute explicitly banning insider trading. By a 410-13 margin, the House voted to amend the Securities Exchange Act of 1934 to prohibit financial trades based on confidential information and related communications by those who possess material, nonpublic information. The Insider Trading Prohibition Act (the “Bill”) 1 now moves The Insider Trading Prohibition Actto the U.S. Senate. Current State of Insider Trading: Because there is no federal law that explicitly defines or bans insider trading, individuals accused of insider trading are often charged with violating other explicit anti-fraud statutes, such as bank fraud or wire fraud.
Scynexis Inc (SCYX) CEO Marco Taglietti Bought $150,000 of Shares (Guru Focus)
CEO of Scynexis Inc., Marco Taglietti, bought 166,667 shares of SCYX on 12/12/2019 at an average price of $0.9 a share. The total cost of this purchase was $150,000. SCYNEXIS Inc is a pharmaceutical company engaged in the discovery, development, and commercialization of novel anti-infectives to address unmet therapeutic needs.
What Did This CEO Just Do with Personal Shares of Salesforce (NYSE: CRM)? (Analyst Ratings)
Yesterday, the co-CEO of Salesforce (CRM), Keith Block, sold shares of CRM for $4.2M. Following Keith Block’s last CRM Sell transaction on November 27, 2017, the stock climbed by 55.4%. In addition to Keith Block, 5 other CRM executives reported Sell trades in the last month.
SEBI Notice to PC Jeweller MD Over ”Insider Trading” (OutlookIndia.com)
Mumbai, Dec 17 (IANS) Market regulator SEBI on Tuesday served notice to PC Jeweller MD Balram Garg asking him why he should not be barred from the securities market over charges of insider trading. SEBI also ordered impounding of alleged illegal gains of over Rs 8 crore made by two promoters and related entities of the jewellery firm. “In light of the alleged violations by Balram Garg, this order shall be treated as a notice calling upon him to show cause as to why direction shall not be passed against him to restrain him from accessing the securities market and prohibiting him from buying, selling or otherwise dealing in securities for an appropriate period,” the SEBI order said.