SEC v. Barry Siegel

Barry Siegel allegedly had access to material nonpublic sales and inventory data in his role as Senior Director of Order Planning Management, North America at Foot Locker. According to the SEC, Siegel shorted Foot Locker stock in advance of the company’s first quarter 2023 earnings announcement in May 2023 and again in early August 2023, about a week after being laid off from his job at Foot Locker, in advance of the company's announcement of its second quarter 2023 earnings. The SEC further alleges that before each of his trades, Siegel was in possession of material nonpublic information concerning Foot Locker’s operating results, including negative sales and inventory figures, and he traded based on that information despite being subject to Foot Locker’s Policy Prohibiting Insider Trading.

Summary generated from official Securities and Exchange Commission press release