EXANTE’s comment on the hearing of August 24, 2015
Howard Schiffman, a former SEC prosecutor, and Eric A. Bensky of Schulte Roth & Zabel LLP, represented EXANTE in SEC proceeding last Monday. At the session, EXANTE counsel noted that “EXANTE didn’t trade” and is “not a proprietary trader.” The Court said, “I get that. I’m assuming that’s true for now.”
The Court requested that EXANTE’s counsel obtain trading histories for each account and transfer it to the counsel for the SEC. The information on accounts was provided by EXANTE prior to noon EDT Wednesday, August 26, 2015, as agreed. The SEC is now supposed to examine the data and “give [EXANTE] an answer on the position of the SEC with respect to each account.”
EXANTE counsel H. Schiffman admitted that they are optimistic. “Based on the company’s prior review of its records and information previously provided by the SEC”, the records will demonstrate that the owners of the assets did not engage in insider trading through their EXANTE accounts.
A conference call to update the Court on the parties’ progress is scheduled for 4:00 p.m. EDT Friday, August 28, 2015.
Source: EXANTE
