SEC Loses 2nd Insider Trading Trial In 7 Days

Law360, Los Angeles (June 6, 2014, 4:50 PM EDT) -- A California federal jury on Friday handed the U.S. Securities and Exchange Commission its second insider trading trial loss in a week, siding with the founder of storage device maker STEC Inc. who was accused of deceiving shareholders to reap $267 million for himself and his brother.

The suit, filed in 2012, alleged Manouchehr Moshayedi exploited his knowledge that a major customer wanted far fewer of the company's most profitable products — information that wasn't known to the public — when he sold a significant portion of his stock holdings as well as shares owned by his brother, a co-founder of...

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