An Israeli professor has agreed to pay more than $850,000 to settle U.S. claims he engaged in insider trading in Jerusalem-based Mobileye NV (MBLY.N), a maker of sensors and cameras for self-driving vehicles, ahead of its $15.3 billion takeover by Intel Corp (INTC.O).

According to an agreement filed by the U.S. Securities and Exchange Commission on Monday in Manhattan federal court, Ariel Darvasi, a genetics professor at the Hebrew University of Jerusalem, will pay about $854,000. The agreement must be approved by U.S. District Judge Richard Berman.

According to the SEC, Darvasi began buying Mobileye stock on March 2 after selling 40,000 shares of Teva Pharmaceutical Industries Ltd, the only securities in his account.

The SEC said Waldman conducted most of his Mobileye trading in the six weeks before the Intel Corp deal was announced. The trading began the day Intel and Mobileye signed a non-disclosure agreement, and generated a 1,883 percent return.

Neither Mobileye nor Santa Clara, California-based Intel was accused of wrongdoing.

The case is SEC v Darvasi et al, U.S. District Court, Southern District of New York, No. 17-02088.

Source:
https://www.reuters.com/article/us-sec-insidertrading-mobileye-idUSKBN1AA213

 

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