Friday 5/6 Insider Buying Report: ALGN, NYMX (Nasdaq.com)
At Align Technology, a filing with the SEC revealed that on Wednesday, CEO Joseph M. Hogan purchased 6,700 shares of ALGN, at a cost of $298.48 each, for a total investment of $2M. Investors have the opportunity to grab ALGN at a price even lower than Hogan did, with the stock changing hands as low as $271.53 in trading on Friday — that’s 9.0% under Hogan’s purchase price. Align Technology is trading down about 2.1% on the day Friday. This purchase marks the first one filed by Hogan in the past year. And on Monday, James George Robinson bought $1.9M worth of Nymox Pharmaceutical, buying 1,151,515 shares at a cost of $1.65 each. This purchase marks the first one filed by Robinson in the past twelve months. Nymox Pharmaceutical is trading off about 0.7% on the day Friday. Investors have the opportunity to snag NYMX at a price even lower than Robinson did, with shares changing hands as low as $1.31 in trading on Friday which is 20.6% under Robinson’s purchase price.
Ken Griffin Gives $25 Million to Illinois GOP Governor Candidate (Bloomberg)
Hedge fund billionaire Ken Griffin has upped his ante in Illinois’s gubernatorial election this year, contributing another $25 million to Republican candidate Richard Irvin, the mayor of the state’s second-largest city. Irvin is trying to unseat Governor J.B. Pritzker, a billionaire Democrat seeking a second term in the November election. Griffin, the founder of Citadel and the richest man in Illinois, in February pledged $20 million to Irvin, the mayor of Aurora, after saying in November that he’s “all in” to back an opponent to beat Pritzker.
Hedge Funds & ESG: Navigating Internal Change and Responsible Investing (Hedge Week)
With responsible investing trends accelerating and global regulators pushing towards standardised frameworks, ESG is now a key theme within the alternative assets industry. Hedge funds from across the strategy spectrum are increasingly building sustainability themes into their portfolio-building processes, as investors push managers on their diversity and inclusion policies. But with new challenges constantly emerging, how can managers successfully stay on top of the rapidly-evolving ESG agenda?
SEC Charges New Jersey-Based Securities Fraud Recidivist with Defrauding Investors (HedgeCo.net)
(HedgeCo.Net) The Securities and Exchange Commission has charged New Jersey resident and unregistered investment adviser, Mark Marchi, with defrauding investors in his fund Precipio Capital, LLC. According to the SEC’s complaint, between February 2016 and September 2020, Marchi solicited over $2.8 million of investments in Precipio from at least 22 investors by falsely telling them he was profitably trading securities in Precipio’s accounts. In order to conceal his fraud, Marchi allegedly falsified investment documentation, including entering thousands of fake trades into an electronic portal accessed by investors.
United States: SEC Risk Alert Highlights Renewed Focus On Insider Trading And MNPI Policies And Procedures For Fund Managers (Mondaq.com)
Last month, we predicted that a renewed focus by the SEC on insider trading, MNPI and related internal controls would be one of the Top Ten Regulatory and Litigation Risks for Private Funds in 2022. Last week, the SEC’s Division of Examinations (“EXAMS”) issued a timely risk alert relating to Investment Adviser Material Non-Public Information (MNPI) Compliance Issues. The SEC’s EXAMS risk alert specifically highlighted a handful of common deficiencies noted under Section 204A of the Advisers Act and Rule 204A-1 under the Advisers Act (the “Code of Ethics Rule”).
