9-27-17 Insider Trading Cyber Hack Disclosure Heating Up, by Lynette Zang
Insider trading has picked up even more this week with an overall Buy/Sell ratio of $1 of buying to $56 of selling.
Today we look at extreme insider selling at PFGC (Performance Food Group). This company was acquired in 2008 by Wellspring Capital Management and Blackstone group, who issued the IPO in 2015.
As suspected, after the Equifax hack was disclosed, hack disclosures have been escalating. First the SECs EDGAR was hacked in 2016. EDGAR is supposed to be the Fort Knox of corporate information. They suspect insider trading may have taken place with nonpublic information.
Next we heard from Deloitte, who provides auditing and cybersecurity advice to banks, multinational companies and government agencies. They discovered the hack in March 2017, but believe the hackers may have had access to its systems in 2016 as well.
Can you see the pattern? Blockchain everyone?
Slides And Supportive Links
http://www.wsj.com/mdc/public/page/2_3024-insider1.html
http://www.nasdaq.com/symbol/pfgc/insider-tradeshttp://stockcharts.com/h-sc/ui
https://www.cnbc.com/2017/09/25/us-sec-chairman-notified-of-2016-agency-hack-in-august.html
Https://www.cnbc.com/2017/09/21/heres-what-really-terrifies-wall-street-about-the-sec-hack.html
https://www.sec.gov/comments/4-698/4698-12.pdf
