This page has been archived and commenting is disabled.

Dean Foods -7.5% After Icahn-Mickelson Probe Subpoena

Tyler Durden's picture




 

The 'dumb' algos trading off the headlines have dragged Dean Foods stock down 7.5% as the WSJ reports that the company has in recent weeks received a subpoena from criminal authorities ordering the company to produce information, said a person familiar with the matter. Dean Foods stated it will offer "full support" and is also doing its own investigation of the matter. We suspect the stock move is a little much.

 

 

As WSJ reports,

Federal authorities have sought information from two companies in connection with an insider-trading investigation of activist investor Carl Icahn, sports bettor William T. Walters, and golfer Phil Mickelson, according to people familiar with the matter.

 

Dean Foods in recent weeks received a subpoena from criminal authorities ordering the company to produce information, said a person familiar with the matter.

 

Clorox received a request for information from the Securities and Exchange Commission in 2011 related to trading in the company's shares, according to a person familiar with the matter.

 

Neither of those developments has been previously reported.

 

In the case of Dean Foods, authorities are probing whether Mr. Walters provided stock tips to Mr. Mickelson, said people familiar with the matter.

 

...

 

Dean Foods is also doing its own investigation of the matter.

 

"We are reviewing this matter, and our practice is to offer our full support to any government investigation," the company said in a statement.

 

In the case of Dean Foods, authorities are examining trading in its shares in 2012 and 2013 related to the spin off of its WhiteWave Foods Co. division and its aftermath.

 

...

 

The investigation is being conducted by the Federal Bureau of Investigation and the Securities and Exchange Commission. Investigators routinely subpoena or request documents from companies when they are scrutinizing leaks of nonpublic information, including emails, phone records and other records to determine who had access to the information and may have improperly disclosed it. It is unclear what records they sought from Dean Foods and Clorox.

None of the men have been charged, and there is no indication charges will be filed. Messrs. Mr. Walters, Mr. Mickelson and Mr. Icahn have denied wrongdoing.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 06/23/2014 - 18:02 | 4887173 erkme73
erkme73's picture

Just tell them the hard-drive crashed - problem solved.

Mon, 06/23/2014 - 18:02 | 4887176 NYPoke
NYPoke's picture

Ah, you beat me to it.  Hope they have the same I.T. department as the IRS.

Mon, 06/23/2014 - 18:22 | 4887226 disabledvet
disabledvet's picture

Not that easy when your "IT"(so to speak) is the media itself.

"Now you see the violence inherent in the system."

These are folks that "Kill for the Thrill."
Why not have the real thing too?

After a while "money is boring."

Mon, 06/23/2014 - 19:19 | 4887394 max2205
max2205's picture

Dean got it 'in recent weeks'.....?

This is a violation of SEC disclosure reporting

Oh wait....l

Mon, 06/23/2014 - 18:33 | 4887243 rubiconsolutions
rubiconsolutions's picture

Fore!...casting more trouble ahead.

Mon, 06/23/2014 - 18:16 | 4887212 Squid Viscous
Squid Viscous's picture

why down 3 handles from the close? in this bullshit mkt. that is = 30 handles...i am buying the piss out of the SPY, thank me in the morning...

Mon, 06/23/2014 - 18:42 | 4887277 orangegeek
orangegeek's picture

On Yelllen's buy list for tomorrow.

Mon, 06/23/2014 - 18:55 | 4887300 Squid Viscous
Squid Viscous's picture

how many stocks was man-boobs trading illegally? and what are his career PGA and endorsement earnings, got to be close to nine figures if not more...what a POS

Mon, 06/23/2014 - 19:29 | 4887427 rosiescenario
rosiescenario's picture

Now if any of these folks were members of congress or employed by same, the insider trading would be ok...right? Or did our elected officials correct that issue?

Mon, 06/23/2014 - 20:36 | 4887684 Againstthelie
Againstthelie's picture

How could Mr. Icahn do or say anything wrong, since he probably recited Kol Nidre?

 

For the uneducated Goyim, what this is:

"All vows we are likely to make, all oaths and pledges we are likely to take between this Yom Kippur and the next Yom Kippur, we publicly renounce. Let them all be relinquished and abandoned, null and void, neither firm nor established. Let our [personal] vows, pledges and oaths be considered neither vows nor pledges nor oaths."

Do NOT follow this link or you will be banned from the site!