SEC v. Bhardwaj

Amit Bhardwaj, Srinivasa Kakkera, and Abbas Saeedi allegedly engaged in insider trading that collectively generated more than $3600000. According to the SEC, Bhardwaj, Kakkera, and Saeedi traded ahead of two corporate acquisition announcements by Bhardwaj’s then-employer Lumentum Holdings Inc. The SEC’s complaint alleged that, through his work at Lumentum, Bhardwaj learned material nonpublic information (“MNPI”) about Lumentum’s plans to first acquire Coherent, Inc. and later to acquire NeoPhotonics Corporation. Based on this MNPI, Bhardwaj allegedly purchased Coherent securities ahead of the January 2021 announcement of Lumentum’s agreement to acquire Coherent. The SEC further alleged that, in October 2021, Bhardwaj shared MNPI about Lumentum’s planned acquisition of NeoPhotonics with his friends Kakkera and Saeedi, who then bought NeoPhotonics securities based on Bhardwaj’s tips.

Summary generated from official Securities and Exchange Commission press release