Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Friday, May 17, 2024 | Back issues
Courthouse News Service Courthouse News Service

UTStar Exec Dumped Stock On Inside Information, SEC Says

SAN FRANCISCO (CN) - Chauncey Shey, a founder and director of UTStarcom, and his wife dumped their stock based on inside information, avoiding $420,000 in trading losses, the SEC claims in Federal Court.

Shey and his wife liquidated their UTStarcom holdings immediately after learning of disappointing quarterly financial results, the SEC says. The stock price sank by 25 percent the next week, after the public announcement. The SEC wants $420,226, penalties and an injunction. UTStarcom makes telecommunications equipment. See complaint.

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.