The Security and Exchange Commission has alleged that a former Panda Express employee shared a nonpublic information related to a potential acquisition of P.F. Chang’s China Bistro (NASDAQ:PFCB). The timing of this confession is said to be sometime in 2011-2012.
SEC’s Insider Trading Complaint
An insider trading complaint lodged against Jonathan Ross and Richard Condon by SEC unveils that the consultant, Ross, repeatedly shared non-public information with Mr. Ross and one other man who died in 2014. The complaint further cites that Ross bought the call options of P.F. Chang’s and offered a tip to Sagheb, who purchased options. According to reports, Sagheb or the relief defendant agreed to make a payment of $19,829.
Three years back, on May 1, 2012, a leading PE firm Centerbridge Partners made a public announcement concerning a deal worth $51.50 per share or $1.1 billion in total for P.F. Chang’s. Matthew Umhofer, attorney of Mr. Condon at Spertus Landes & Umhofer LLP, said clearly that his client didn’t trade insider information and made nothing out of this deal. Umhofer also criticized the authorities for alleging his innocent client and dragging him into this matter.
Reporters also tried to contact the attorneys of Mr. Sagheb and Mr. Ross, but they didn’t comment on the issue.
The complaint lodged by SEC claims that Mr. Condon was present at the meeting that took place on April 2, 2012. It further claims that a discussion regarding the offer made by another party took place during the meeting. The offer price started with the digit ‘five’ and was later disclosed by Mr. Condom in an unfaithful manner.
P.F. Chang’s China Bistro Opens New Property In Winston-Salem
Amid all the controversies going around, P.F. Chang’s China Bistro opened a new property in Winston-Salem on October 12. The Asian-themed eating point is located right opposite to the recently started Walmart Neighborhood Market. The casual dining chain is looking for talented people who can take this newly opened property to newer heights.
