Citi's (C) Mahaney Fired for Disclosure of non-Public Facebook (FB) Information Ahead of IPO
Get Alerts C Hot Sheet
Price: $58.17 +2.02%
Rating Summary:
24 Buy, 13 Hold, 2 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 19
Rating Summary:
24 Buy, 13 Hold, 2 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 13 | New: 19
Join SI Premium – FREE
Citigroup (NYSE: C) is trading over 2.2 percent lower from Thursday's close following reports that a key analyst was fired from the firm following improper disclosure of confidential information related to the Facebook (Nasdaq: FB) IPO.
Mark Mahaney, an Internet Analyst at Citigroup Investment Research, was let go as Massachusetts fined Citi $2 million for not supervising research analysts properly. According to the WSJ, Massachusetts Secretary of the Commonwealth William Galvin said a junior analyst gave a non-public opinion from a senior analyst (Mahaney) to the blog TechCrunch.com ahead of Facebook's May 18th debut.
Additionally, Galvin said Mahaney disclosed unpublished information about Google's (Nasdaq: YHOO) YouTube to a French business publication.
Citi signed a non-disclosure with Facebook ahead of the IPO.
Mahaney's brief bio, from CrunchBase: "For the past two years, Mark has been ranked #2 in the Greenwich Institutional Investor Poll for the Internet sector and ranked as Runner Up in the Institutional Investor Annual Poll for the Internet sector."
Mahaney's last call on Facebook can be seen here.
For the full filing from Galvin (in pdf format), click here. It gets more into the meat of the topic on page 9.
Mark Mahaney, an Internet Analyst at Citigroup Investment Research, was let go as Massachusetts fined Citi $2 million for not supervising research analysts properly. According to the WSJ, Massachusetts Secretary of the Commonwealth William Galvin said a junior analyst gave a non-public opinion from a senior analyst (Mahaney) to the blog TechCrunch.com ahead of Facebook's May 18th debut.
Additionally, Galvin said Mahaney disclosed unpublished information about Google's (Nasdaq: YHOO) YouTube to a French business publication.
Citi signed a non-disclosure with Facebook ahead of the IPO.
Mahaney's brief bio, from CrunchBase: "For the past two years, Mark has been ranked #2 in the Greenwich Institutional Investor Poll for the Internet sector and ranked as Runner Up in the Institutional Investor Annual Poll for the Internet sector."
Mahaney's last call on Facebook can be seen here.
For the full filing from Galvin (in pdf format), click here. It gets more into the meat of the topic on page 9.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Intrepid Potash (IPI) Grants CEO Temporary Medical Leave of Abscence
- After-hours movers: Tesla, Gildan Activewear, Macatawa Bank, and more
- APi Group Corporation (APG) Launches 11M Share Offering
Create E-mail Alert Related Categories
Analyst Comments, Insiders' Blog, Litigation, Trader TalkRelated Entities
CitiSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!