Oops! According to the Wall St Journal: JP Morgan Chase faces a
new regulatory headache, as Japan's securities watchdog is probing the company
for possibly leaking insider information, according to a person familiar with
the matter.
JP Morgan was a lead underwriter for Nippon Sheet Glass in
2010 when the Japanese glass maker issued new shares, and the company's stock
dropped sharply in the days leading up the announcement.
Japan's Securities and Exchange Surveillance Commission
(SESC) announced Tuesday that it was seeking to fine a Japanese
asset-management company for short-selling the shares based on information
obtained illegally from an underwriter in advance of the offering.
The SESC did not name the underwriter under suspicion. ButJP
Morgan was one of just two underwriters, and the other, Daiwa Capital Market,
issued a public statement saying it had no involvement in the case.
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