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LRCX - Lam Research News Story

$619.63 -15.4  -2.4%

Last Trade - 29/07/21

Sector
Technology
Size
Large Cap
Market Cap £65.16bn
Enterprise Value £65.18bn
Revenue £9.55bn
Position in Universe 141st / 7008

UPDATE 1-Ex-Goldman employee accused by U.S. regulator of insider trading

Wed 25th November, 2015 12:49am
(Updates with further details on SEC lawsuit, comment from 
Goldman Sachs) 
    By Nate Raymond 
    NEW YORK, Nov 24 (Reuters) - A former Goldman Sachs Group 
Inc  GS.N  employee was accused by U.S. securities regulators on 
Tuesday of repeatedly engaging in insider trading based on 
information about deals involving the bank's clients. 
    Yue Han, who worked in Goldman's compliance division, reaped 
over $468,000 trading on inside information about four deals, 
the U.S. Securities and Exchange Commission said in a lawsuit 
filed in federal court in Manhattan. 
    Han, whose job involved building computer programs intended 
for identifying illegal behavior at Goldman including insider 
trading, traded on confidential information obtained through the 
bank's information technology systems, the SEC said. 
    Those trades occurred from July to October, the SEC said, 
most recently enabling Han to earn $397,000 trading ahead of 
news last month that Goldman client Lam Research Corp  LRCX.O  
had agreed to buy KLA-Tencor Corp  KLAC.O  in a $10.6 billion 
deal. 
    A day after that deal was announced and Han had liquidated 
KLA-Tencor call options he had bought beforehand, the Goldman 
employee left New York for China, where he is a citizen and is 
believed to be living, the SEC said. 
    "If the allegations are true, Han violated our trust and 
ignored extensive training that he received so we are pleased 
that the authorities are pursuing action against him," Goldman 
spokesman Michael DuVally said in a statement. 
    At the SEC's request, U.S. District Judge Valerie Caproni on 
Tuesday entered an order freezing Han's assets held at various 
brokerage firms. 
    A lawyer for Han could not be immediately identified, and he 
did not respond to an email or call seeking comment. 
    According to the SEC, in his role developing a surveillance 
system to analyze Goldman's communications that might raise 
compliance issues, Han had access to internal emails of 
employees who were working on mergers, the SEC said. 
    Han, who began working at Goldman as an associate in 
December 2014, traded on confidential information using at first 
his own brokerage account before arranging to have Wei Han, a 
presumed relative who did not immediately respond to an email 
seeking comment, open one to which he had access, the SEC said. 
    Beyond trading before the KLA-Tencor deal was disclosed, Han 
also made trades ahead of announcements that Envestnet Inc 
 ENV.N  would buy Yodlee Inc for $560 million; Liberty 
Interactive Corp's  QVCA.O  $2.4 billion deal to buy Zulily Inc; 
and ComScore Inc's  SCOR.O  $771 million acquisition of Rentrak 
Corp RENT.O , the SEC said. 
    Yodlee, Zulily and Rentrak were clients of Goldman Sachs, 
the SEC said. 
    The case is Securities and Exchange Commission v. Han, U.S. 
District Court, Southern District of New York, No. 15-9260. 
 
 (Reporting by Nate Raymond in New York; Editing by Chris Reese 
and Diane Craft) 
 ((Nate.Raymond@thomsonreuters.com and Twitter @nateraymond; 
646-223-6752; Reuters Messaging: 
nate.raymond.thomsonreuters.com@reuters.net)) 
 
Keywords: GOLDMAN SACHS INSIDERTRADING/
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