Affiliates of Cleveland Cavaliers owner Dan Gilbert prevailed in court Monday against insider trading claims over their move to sell $500 million worth of shares in Gilbert’s mortgage lender Rocket Cos.
A Delaware judge threw out claims against the Gilbert-linked conglomerate that controls Rocket, saying the timeline undermined the lawsuit’s main theory. Although Rock Holdings Inc. did unload stock after internal discussions about revenue guidance that was set to disappoint the market in March 2021, company leaders did no more than seize on favorable conditions abruptly created by the collapse of Archegos Capital Management LP, the judge said.
The ...
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