SEC Investigating Suspicious BlackBerry Trades
Article Comments 4
Feb 6, 2015, 8:21 AM by Eric M. Zeman
updated Feb 6, 2015, 5:05 PM
The Securities and Exchange Commission has launched an investigation into trades of BlackBerry stock around the time a report suggested Samsung might buy the company. On January 14, Reuters reported that Samsung planned to buy BlackBerry for as much as $7.5 billion. Just ahead of that report, someone purchased options for 200,000 shares of BlackBerry stock at $10. After the report was published, BlackBerry's stock surged by 30% reaching highs of $12.60. According to Reuters, if the purchaser was able to sell the shares he or she could have profited as much as $490,000. BlackBerry and Samsung later denied the report and BlackBerry's stock tumbled back down to below $10 per share. The SEC is looking into whether or not Reuters' source deliberately planted the story in order to manipulate BlackBerry's share price, which would be illegal. BlackBerry and Samsung have partnered together to encourage businesses to buy Samsung's handsets and use BlackBerry's device management software. At the moment, that's the extent of their relationship.
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