The Securities and Exchange Commission filed a civil injunctive action today in the United States District Court for the District of Columbia charging Howard B. Wildstein, a former Pitney Bowes, Inc. executive, with insider trading in the stock of MapInfo Corporation in advance of the March 15, 2007 public announcement that Pitney Bowes had entered into a definitive agreement to acquire MapInfo.
According to the SEC's complaint, Wildstein acquired material nonpublic information concerning the acquisition through his employment at Pitney Bowes. In particular, as alleged in the complaint, in late February 2007, Wildstein learned that MapInfo was a potential target of Pitney Bowes and that executives of Pitney Bowes who were responsible for mergers and acquisitions had recently visited MapInfo. On March 1 and March 2, 2007, based on this material nonpublic information, Wildstein purchased 8,000 shares of MapInfo common stock. After the acquisition was publicly announced, Wildstein sold all 8,000 shares, realizing an unlawful profit of $51,177.
Thursday, July 21, 2011
SEC Charges Former Corporate Executive Howard B. Wildstein With Insider Trading
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