Cavco Industries Inc. and its former chief financial officer must face allegations of insider trading after a federal judge in Arizona ruled the SEC’s complaint is sufficient to move forward.
Cavco, through some of its executives, allegedly used inside information obtained through acquisition discussions to buy up securities in companies ahead of their mergers. The Securities and Exchange Commission adequately alleged the company and its former CFO ran afoul of federal securities laws, allowing the suit to move to the next phase, the U.S. District Court for the District of Arizona said.
Former Cavco CEO Joseph Stegmayer, who settled ...
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