SEC Charges Tech Company Employees with Insider Trading
Yesterday, March 28th, the SEC announced insider trading charges against three software engineers at Twilio, Inc., and their families and friends for allegedly generating over $1 million from company profits.
The engineers involved in this case had exclusive access to various company databases that contained information regarding the company’s revenue. In an internal messaging chat, one of the engineers stated that Twilio’s stock price would “rise for sure” amid the Covid-19 pandemic.
David Rosenfield, Partner and Chair of Warren Law Group’s White Collar Defense and Government Investigations group, states, “This insider trading case results from the SEC’s monitoring and analysis of stock trading patterns in conjunction with earnings announcements. Of course, the SEC would still need to prove the alleged trading activity is actually ‘insider trading’ and not simply a series of trades occurring around earnings announcements. Insider trading cases can be largely circumstantial, and an experienced white collar attorney can make all the difference.”
If you are under investigation by the SEC, CFTC, FINRA, or the DOJ, you should seek tried and tested legal counsel. The attorneys at Warren Law Group have decades of experience dealing with high-profile, white collar, and government investigation matters. To schedule your complimentary consultation with the attorneys at Warren Law Group, call (866) WLGROUP or email firstname.lastname@example.org.