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The vultures were circling Leon Cooperman's biggest positions after the SEC announced at 10:47 a.m. ET Wednesday it was charging the billionaire and his firm Omega Advisors with insider trading. The speculation by the traders knocking these stocks is that Cooperman will face big redemptions because of the charges and that in turn may force the firm to sell some of his holdings to cover those redemptions.
The hardest hit positions were the smaller stocks where a combination of their light trading volume and Omega's position size would make it difficult for the hedge fund to exit the position in an efficient manner.
Here's First Data Corp, where Cooperman's sizable position would take him 31 trading days to unwind, according to hedge fund database Symmetric.io.