United States SEC Charged ex-Chair, President & CEO of Comtech Telecommunications Corp Ken Peterman for Insider Trading to Sell Comtech Shares after Being Terminated While Subjected to Trading Blackouts, Share Price Dropped More than -25% after Comtech Reported Negative Quarterly Earnings with Ken Peterman Avoiding Losses of $12,445 after Selling Shares for Personal Account, Joint Account Sell Trade was Not Completed Due to Trading Blackout & Could Have Avoided Additional $110,000 Losses
13th December 2024 | Hong Kong
The United States Securities and Exchange (SEC) has charged the ex-Chair, President & CEO of Comtech Telecommunications Corp Ken Peterman for insider trading to sell Comtech shares after being terminated while subjected to trading blackouts. Comtech share price dropped more than -25% after Comtech reported negative quarterly earnings, with Ken Peterman avoiding losses of $12,445 after selling shares for personal account. His joint account sell trade was not completed due to trading blackout, and could have avoided additional $110,000 losses. United States SEC (11/12/24): “The Securities and Exchange Commission today announced insider trading charges against Ken Peterman, the former CEO, president, and Chair of the Board of Comtech Telecommunications Corp., in connection with his sale of Comtech shares on the basis of material non-public information about Comtech’s forthcoming negative quarterly earnings results. According to the SEC complaint, Peterman allegedly received a confidential presentation detailing Comtech’s forthcoming negative quarterly earnings results on March 4, 2024. He was allegedly informed that he was being terminated for cause eight days later, on March 12, 2024. The SEC’s complaint alleges that a few hours after he was terminated, and while subject to two different trading blackouts, Peterman placed an order to sell Comtech stock. On March 18, 2024, Comtech reported its negative quarterly earnings, which caused its stock price to drop more than 25 percent. The complaint alleges that Peterman avoided losses of about $12,445 by trading in advance of Comtech’s negative earnings announcement. Peterman allegedly directed his financial advisor to sell additional Comtech stock he held in a joint account, but the financial advisor was unable to complete the sale because of a trading blackout. Had the sale been completed, Peterman allegedly would have avoided additional losses of about $110,000 … … The complaint, filed in the U.S. District Court for the Eastern District of New York, charges Peterman with violating Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and seeks permanent injunctive relief, disgorgement with prejudgment interest, civil penalties, and a bar preventing Peterman from serving as an officer or director of a public company. In a parallel action, the U.S. Attorney’s Office for the Eastern District of New York today announced criminal charges against Peterman.”
“ United States SEC Charged ex-Chair, President & CEO of Comtech Telecommunications Corp Ken Peterman for Insider Trading to Sell Comtech Shares after Being Terminated While Subjected to Trading Blackouts, Share Price Dropped More than -25% after Comtech Reported Negative Quarterly Earnings with Ken Peterman Avoiding Losses of $12,445 after Selling Shares for Personal Account, Joint Account Sell Trade was Not Completed Due to Trading Blackout & Could Have Avoided Additional $110,000 Losses “
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United States SEC Charged ex-Chair, President & CEO of Comtech Telecommunications Corp Ken Peterman for Insider Trading to Sell Comtech Shares after Being Terminated While Subjected to Trading Blackouts, Share Price Dropped More than -25% after Comtech Reported Negative Quarterly Earnings with Ken Peterman Avoiding Losses of $12,445 after Selling Shares for Personal Account, Joint Account Sell Trade was Not Completed Due to Trading Blackout & Could Have Avoided Additional $110,000 Losses
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