Greenlight Drops Seeking Alpha Suit After Blogger IdentifiedChristie Smythe
Hedge-fund manager David Einhorn’s Greenlight Capital Inc. said it identified a contributor to the website Seeking Alpha who allegedly disclosed the fund’s stake in Micron Technology Inc. before it was public, the firm said in a statement.
Greenlight “has resolved the matter privately,” Jonathan Gasthalter, a spokesman for the firm, said in an e-mailed statement today. Greenlight also asked a New York state judge to discontinue its lawsuit, according to a court filing.
Greenlight had claimed that the website wrongfully disclosed trade secrets and breached confidentiality provisions. The hedge fund said in a November filing with the Securities and Exchange Commission that it purchased 23 million shares of Boise, Idaho-based Micron, a maker of memory chips, in the third quarter. Greenlight had asked that the agency not publicly identify Micron as the investment in question.
A frequent contributor to the website, identified only as “Valuable Insights,” revealed the investment in a post on Nov. 14, before Greenlight disclosed its position to the SEC, the firm said in a petition filed in February in Manhattan.
“We’re happy Greenlight is no longer pursuing the case,” Eli Hoffmann, editor-in-chief of Seeking Alpha said in an e-mailed statement. “This is not the first demand we have had to disclose pseudonymous authors’ identities; we have yet to disclose author identity in any claim submitted to court.”
The case is In the Matter of the Application of Greenlight Capital Inc., 151327/2014, New York State Supreme Court, New York County (Manhattan).
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- Morgan Stanley Says Stock Slide Was Appetizer for Real Deal
- U.S. Stocks Erase Declines as Treasuries Retreat: Markets Wrap
- ‘No Cash’ Signs Everywhere Has Sweden Worried It’s Gone Too Far
- Walmart Tumbles After Slowing Online Growth Jolts Investors
- Boom Turns to Bust for Millennials Across Advanced Economies