The directive came without explanation: Report to company headquarters in Louisville in three days.
But the SEC says David A. Stitt, the Pennsylvania-based vice president of sales for Steel Technologies northeast division, knew why he and other executives were being summoned from around the country for a meeting on Feb. 26, 2007.
The publicly traded company was about to be sold for $532 million to a Japanese conglomerate, and its stock price was about to soar. And Stitt –began to take steps to cash in on his inside information, the SEC says.
‘Enforcement 40’ for 2020
Join Us On LinkedIn
Join the Securities Litigation and Enforcement Group on LinkedIn