A pension fund brought insider trading claims in Delaware against Rocket Cos. chairman Dan Gilbert, claiming the online lender’s billionaire majority owner dumped $500 million worth of company stock in March just a few days before disappointing revenue guidance sent its market value plummeting.
The derivative lawsuit, filed in Delaware Chancery Court, targets Gilbert—who also owns the NBA’s Cleveland Cavaliers—and Rock Holdings Inc., the entity through which he controls a consortium of financial technology businesses, including Rocket, Quicken Loans, and their affiliates.
It accuses Rock Holdings of moving to unload huge quantities of Rocket stock March 29, just a few ...
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