Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, February 13, 2008

NYSE Disciplines Credit Suisse Analyst for Tipping

The NYSE disclosed a disciplinary action against Adam Galeon, a research analyst with Credit Suisse, alleging that he obtained and disseminated certain information before public release. An NYSE hearing officer found that on May 24, 2005, Galeon obtained certain information from the CEO of a publicly traded company, referred to only as XYZ, relating to XYZ’s expected updated earnings guidance. That was the day before the official public release of the company’s updated earnings guidance. Galeon selectively disseminated emails to 17 Firm clients and 31 Firm sales personnel, conveying the information the CEO had disclosed to him. Subsequently, Credit Suisse and two clients of Credit Suisse who received the information in Galeon’s email traded in shares of XYZ, prior to the public release of such information. Without admitting or denying the findings, Galeon agreed to a censure, four-month bar, and a $50,000 fine.

http://lawprofessors.typepad.com/securities/2008/02/nyse-discipline.html

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