The Securities and Exchange Commission has charged Michael A Glickstein and G Asset Management LLC (his company) with fraud for a misleading press release announcing a takeover bid for Barnes & Noble in February of 2014 (see "Barnes & Noble Gets Buy-Out Offer –Sort Of"), the SEC annouinced.
Glickstein and his one-employee company bought Barnes & Noble shares and short-term call options, and then sent out a press release with a $22 per share offer for Barnes & Noble shares without any ability to pay for the shares (Barnes & Noble said as much at the time, see "Barnes & Noble Turns a Profit"). When the stock price went up from $17.05 per share to $18.99 per share, Glickstein sold, and made $168,000 in profit, the SEC said.
So now he’s got to pay. Under the terms of a settlement in which he did not admit or deny the allegations, Glickstein and G Asset Management are returning $175,000 in profits and interest and paying a civil penalty of $100,000. Furthermore, G Asset is censured, and Glickstein is barred from the securities industry for a minimum of five years.
For 'Misleading Press Release'
Posted by Milton Griepp on September 25, 2015 @ 1:30 am CT