SEC To Drop Insider Trading Case Over Herbalife Stock
Law360, Los Angeles (December 15, 2014, 10:58 PM EST) -- The U.S. Securities and Exchange Commission on Monday moved to dismiss insider trading charges against a man accused of using tips to illegally profit from the $1 billion short sale of Herbalife Ltd. by activist investor Bill Ackman, saying that “critical witnesses” were unavailable to testify.
The SEC charged Filip Szymik and Jordan Peixoto with insider trading in September in connection with options purchased ahead of disclosure of a massive short sale of Herbalife stock, which allegedly netted Canadian citizen Peixoto $47,100 in illegal profits. Peixoto allegedly learned of the December 2012 short sale from his friend, Szymik, who was tipped off...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!
Kirkland & Ellis LLP has redefined what it means to be the biggest of BigLaw — weighing in at 2,116 attorneys by year end 2018 and becoming the first firm since Law360 began tracking law firm head counts to top 2,000 U.S.-based attorneys.