The lawsuit involving Rocket's CEO Gilbert revolved around allegations of insider trading leading to a $500 million stock sale prior to poor quarterly earnings guidance. Plaintiffs contended that Gilbert sold the shares while knowing of unfavorable financial predictions that were not disclosed to the public. However, after a lengthy trial, Judge Kathaleen McCormick concluded that the plaintiffs did not sufficiently demonstrate Gilbert's motive for selling the stock. This led to a judgment in favor of Rocket with no repercussions for Gilbert.
The case centered on claims that Gilbert sold $500 million worth of Rocket stock while possessing insider knowledge of declining financial metrics.
Plaintiffs failed to establish motive in their insider trading claims against RHI, leading to a ruling in favor of the company.
Collection
[
|
...
]