Reed Smith Hits Back At Hedge Funds’ Suit Over $15M Deal (Law360.com)
Law360, London (November 11, 2019, 3:35 PM GMT) — A subsidiary of Reed Smith LLP has denied allegations by three hedge funds that it deliberately concealed an agreement on contingency fees while handling a settlement in a separate dispute with Société Générale SA. Reed Smith England said in new court documents it was not directly retained by the hedge funds and denied concealing the extent of its involvement and subsequent fees in a claim brought by B C Capital Group Ltd., or BCCG, against SocGen in London. “Reed Smith England did not enter into arrangements that were ‘designed to conceal’ any fact from any party,” the law firm said in…
Billionaire Hedge Fund Manager Ken Griffin Says Bitcoin has ‘Elements of the Tulip Bulb Mania‘ (StockDailyDish.com)
Citadel‘s said Monday that bitcoin may be in a bubble. “Bitcoin right now has many of the elements of the tulip bulb mania we saw back hundreds of years ago in Holland,” said the billionaire hedge fund manager in an exclusive interview with CNBC‘s. Griffin, however, said he does believe the blockchain technology backing the cryptocurrency is valid. “Blockchain‘s a very interesting technology that will have some very profound applications for society over the years to come,” he said. Blockchain creates a quick, permanent and secure record of transactions, eliminating the need for a third party such as a bank. Banks and other large corporations are testing how blockchain can help improve everything from supply chain management to global payments.
Henry Schein Inc (HSIC) Chairman, CEO Stanley M Bergman Sold $6.1 million of Shares (Guru Focus)
Chairman, CEO of Henry Schein Inc., Stanley M Bergman, sold 90,000 shares of HSIC on 11/06/2019 at an average price of $67.51 a share. The total sale was $6.1 million. Henry Schein Inc is a provider of healthcare products and services to office-based dental, animal health and medical practitioners. The company also serves dental laboratories, government and institutional health care clinics. Henry Schein Inc has a market cap of $10.11 billion; its shares were traded at around $68.91 with a P/E ratio of 20.77 and P/S ratio of 0.76.
Uber Founder Travis Kalanick Sells 20M Shares Amid IPO Lockup Expiration (Benzinga)
Uber Technologies Inc (UBER) is down another 13.3% in the past week as the stock endured heavy selling pressure surrounding its IPO lockup expiration on Nov. 6. New SEC filings have revealed one of the biggest sellers of Uber stock following the expiration was Uber founder Travis Kalanick. What Happened: Filings have revealed Kalanick sold 20 million shares of Uber stock last week worth a total of more than $546 million. Kalanick was dumping shares at price ranges of between $26.65 and $27.40.
Collins’ Guilty Plea Fails to Spur Action from Aussie Regulators (The Buffalo News)
WASHINGTON – An Australian stock tip will likely land former Rep. Chris Collins in federal prison in the United States, but it still hasn’t put him in any legal jeopardy in the land down under. More than a month after Collins pleaded guilty to insider trading charges in New York, sources in Australia said they see no signs that regulators in that country plan to take any legal action against him – even though his U.S. guilty plea seems to be a tacit admission that he violated Australian securities law, too.
Insder Trading Case: SAT Lifts Market Ban on former CMD of Gammon Infra (OutlookIndia.com)
New Delhi, Nov 11 (PTI) The Securities Appellate Tribunal (SAT) has set aside a Sebi order that banned Abhijit Rajan, former chairman of Gammon Infrastructure Projects, from the capital markets for alleged insider trading. In July 2014, Sebi had barred Rajan after finding him guilty of trading in shares on the basis of unpublished price sensitive information. It had also directed to disgorge an amount of Rs 1.09 crore, which was already deposited by him in an escrow account. This direction was further confirmed by the regulator through a confirmatory order passed in March 2015. This was one of the few cases where CMD of a company came under the scanner in an insider trading case.
