The investigation looked at the sale of more than d 1 million worth of stock to a financial company, which at one time served as a board member in Cardiletics, before the economic downturn was exacerbated by the corditis epidemic, the newspaper said. Weeks after the shares were sold, the company’s share price fell to $ 29. Perdue then bought back some of the shares it sold, which are now trading at $ 120 a share, according to the Times. Citing four people with knowledge of the case, the newspaper reported that investigators were reviewing Purdue’s trade for “possible evidence of insider trading.”
Scott Grimes, co-founder and CEO of Cardiletics at the time, sent an email to Purdue two days before the stock sale, mentioning “upcoming changes.” According to the Times, investigators concluded that it did not contain “meaningful unofficial information and closed the case this summer and refused to prosecute.”
In a statement to CNN, Perdue spokeswoman Casey Blake said, “Separate reviews by the Justice Department, the Securities and Exchange Commission, and the bipartisan Senate Ethics Committee quickly and independently clear Senator Perdue of any irregularities.”
Blaine said in a statement that Senator Perdue always abides by the law.
CNN reached out to the Justice Department on Thursday for comment.
Democrat John Osoff, who will face Perdu in the January election, criticized his opponent over the alleged stock sale, arguing that Republicans would refuse to discuss the incident with him in October. In an interview with CNN’s Kate Bolduan on Wednesday night, Ss called Sophie Perdue “a man who abused her office fees to enrich herself.”
Congress passed the Stock Act in 2012, making it illegal for legislators to use insider information for financial gain. Under the Law of Internal Trade, lawyers will be required to prove to legislators to trade on the basis of non-public information obtained in violation of their duty to keep confidential.
Other members of Congress have faced scrutiny over whether they sought to profit from information obtained in an undisclosed briefing about the coronavirus epidemic. Earlier this year, investigators began investigating the stock business through San Richard Burr of North Carolina. Republican Georgia Sen. Kelly Loffler, who is also facing a run-off election in January, and her husband sold 27 shares between 24 1.275 million and 3. 1.31 million between January 24 and February 14, according to Senate records. Investigators investigated his stock sale but closed the investigation and Loffler maintained that he had done nothing wrong. The Justice Department also closed its probe into stock sales by Oklahoma Republican Jim Inhofe and Democrat Diane Feinstein of California.
