Monday, February 21, 2005

Contributor to Howard Stern Radio Program Will Be Quizzed by SEC About Possible Insider Trading

With the obligatory introductory moniker of "Shock-Jock" Howard Stern, a contributor to Stern's morning radio program has been subpoenaed by the SEC to testify about possible insider trading in the shares of Sirius Satellite Radio Inc. before the announcement that Stern would be moving his program to that company's broadcast platform in 2006.  Chaunce Hayden said he received a subpoena from the SEC to testify on Wednesday about the decision to switch to Sirius, which was announced last Oct. 6 and triggered an immediate 30% rise in the company's shares before settling down to a 15% gain at the end of the day.  Apparently, there was some suspicious trading ahead of that announcement that has peaked the SEC's interest.  An AP story here discusses Hayden's pending testimony, a fact that is usually not disclosed by subpoena recipients, at least not in advance of their testimony. (ph)

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