Daily Dicta: Lucky Ducks: Greenberg Traurig and Mintz & Gold Beat SEC in Insider Trading Case
SEC investigators couldn't crack the case—assuming there was a case, and not just investors blessed with super-fortuitous timing.
October 02, 2018 at 12:41 PM
9 minute read
In what was maybe just a gosh-darn crazy coincidence, a handful of foreign traders last year snapped up about 2 million shares of Fortress Investment Group right before news broke that it was being acquired by Japan's SoftBank Group Corp. —at a 30 percent premium per share.
Those lucky investors, who promptly sold their shares, walked away with about $3.8 million in profits.
To the U.S. Securities and Exchange Commission, it looked a lot like insider trading. But last week, a federal judge in New Jersey dismissed the SEC's complaint, deeming the trades “at most mildly suspicious.”
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