Monday, March 19, 2012
On March 15, 2012, the SEC charged Noah J. Griggs, Jr., a former executive at the parent company of Carl’s Jr. and Hardee’s fast food restaurants, with insider trading in the company’s securities based on confidential information he learned on the job.
The SEC alleges that Griggs, who was executive vice president of training and leadership development at CKE Restaurants Inc., made two purchases totaling 50,000 shares of CKE stock after attending an executive meeting during which he learned that the company was in discussions with private equity investors about a possible acquisition. Griggs made a potential profit of $145,430 after the stock price soared when the merger was announced publicly. Griggs has agreed to pay $268,000 to settle the SEC’s charges without admitting or denying the allegations.