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February 19, 2005
SEC Probes Howard Stern-Sirius Deal for Possible Insider Trading Violations
Several media outlets are reporting the SEC has issued a subpoena as part of a probe into possible insider trading around Howard Stern's mega-deal with Sirius satellite radio. Last October, Stern announced he was joining Sirius in a $500 million dollar, 5-year contract.
The SEC is trying to determine if anyone who had prior knowledge of the Stern-Sirius announcement used that information to profit from the sale of Sirius stock. In the two weeks leading up to the incident, shares of Sirius jumped 40%.
The corporate suite at Sirius has already trotted out the denial; Stern has not commented publicly on the matter.
Chanuce Hayden, the journalist who received the subpoena, is scheduled to testify on Wednesday, Feb. 23.
Posted by Frank at February 19, 2005 5:22 PM | Filed under Car Audio