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Dropped Herbalife Insider Case Leaves Questions Unanswered

Law360, New York (February 27, 2015, 10:41 AM EST) -- Two of the most significant insider trading developments in recent months arose in the context of the U.S. Securities and Exchange Commission’s insider trading actions against two men alleged to have traded on material nonpublic information relating to Herbalife Ltd. 

While the SEC dismissed its action against alleged “downstream tippee” Jordan Peixoto following the Second Circuit’s recent decision reversing the insider trading convictions of downstream tippees Todd Newman and Anthony Chiasson (United States v. Newman and Chiasson), the theory underlying the SEC’s enforcement action against Peixoto is interesting because it evidences the SEC’s desire to stretch the securities laws to cover...

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