Homebuilder, CFO Must Face SEC's Insider Trading Claims

By Katryna Perera (January 26, 2022, 5:05 PM EST) -- An Arizona-based mobile home company and its former chief financial officer will have to face an insider trading suit from the U.S. Securities and Exchange Commission after an Arizona federal judge denied their dismissal motions, finding that the SEC had adequately pled its claims.

U.S. District Judge Susan R. Bolton said in her Tuesday order that the SEC has sufficiently pled that Cavco Industries Inc. has direct corporate responsibility for insider trading allegedly done by its former CEO, Joseph Stegmayer, and that the company's accounting controls were insufficient.

She also denied a motion to dismiss from former Cavco Chief Financial Officer...

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