In a loss for the U.S. Securities and Exchange Commission, a federal jury on Friday found the former chief executive of sTec not liable for trading on inside information ahead of a secondary stock offering.
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Manouchehr Moshayedi, a co-founder of the computer storage device company, was cleared of engaging in insider trading on non-public information about a major customer's drop in demand for a key product, enabling him and his brother to reap about $260 million.
The case was one of the largest U.S. insider trading enforcement actions to go to trial. The verdict marked a significant setback for the SEC on the heels of another insider trading trial loss a week earlier in New York.
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—By Reuters