March 22, 2012 · 0 Comments
ORANGE COUNTY — Last week the Securities and Exchange Commission charged a former Carl’s Jr. and Hardee’s executive vice president with insider trading, using confidential information about the firm’s securities that he learned on the job.
The SEC alleges that Noah J. Griggs, Jr, fired in April 2010 by CKE Restaurants for violating policy, purchased 50,000 shares of CKE stock after learning about a possible company acquisition. The Commission states, “Griggs made a potential profit of $145,430 after the stock price soared when the merger was announced publicly.
At the time of his termination, Hardee’s and Carl’s Jr did not specify what violation he committed. But news reports stated that the company was considering a takeover offer from New York private equity firm Apollo Management, which outbid Thomas H. Lee Partners earlier that year for $928 million.