Einhorn: $11.3 million U.K. market abuse fine is “unjust and inconsistent”
By Lawrence Delevingne
Wed Jan 25, 2012
FSA says the Greenlight founder should have known better about trading in Punch Taverns stock.
The U.K. Financial Services Authority said today it had
fined David Einhorn and his Greenlight Capital about
£7.28 million, or $11.35 million, for "engaging in market
abuse in relation to an anticipated significant equity
fundraising" by British bar owner Punch Taverns in June
2009.The FSA noted that Einhorn's dumping of 11,656,000 Punch
shares before the price fell nearly 30%-based on a conference
call with a Punch...
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