Bloomberg Law Quotes Peter Altman on SEC Enforcement of Shadow Trading
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For its article “SEC’s Expansive Take on Insider Trading Gets First Court Test,” Bloomberg Law quoted Akin white collar defense & government investigations partner Peter Altman. The article addresses a form of insider trading called “shadow trading” with the U.S. Securities and Exchange Commission’s (SEC) prosecution of a business development executive who bought hundreds of call options in a rival company after receiving inside information regarding his company’s interest in acquiring it.
Commenting on the implications of the SEC’s prosecution if the defendant were to win, Peter said, “It would leave the market in an uncertain environment as to whether the SEC would try to take another run at proving out its theory.”
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