Wall Street Icon Sanctioned Over Calix Trading

Law360, New York (January 9, 2012, 7:24 PM EST) -- A Delaware judge on Friday docked hedge fund legend Michael Steinhardt $535,000 and kicked him out of a putative shareholder class action over Occam Network Inc.’s merger with Calix Inc. after Steinhardt traded on nonpublic information gleaned from the suit.

Vice Chancellor J. Travis Laster of the Delaware Chancery Court busted Steinhardt for short selling Calix stock as a way to liquidate his sizable stake in Occam and capitalize on the merger of the broadband technology companies after finding out the deal was a shoo-in, according...
To view the full article, register now.