NEW YORK (Reuters) – The U.S. Securities and Exchange Commission charged a former Foot Locker executive on Tuesday with insider trading, saying he sold short the retailer’s stock prior to two earnings announcements in 2023.
In a complaint filed in Manhattan federal court, the SEC said Barry Siegel, who had been a Foot Locker senior director of order planning management, reaped more than $112,000 of profit by trading on material nonpublic information that suggested Foot Locker’s results would disappoint investors.
(Reporting by Jonathan Stempel in New York)
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