WSJ: SEC Weighs Launching Sokol Insider Trade Probe - Sources
01 April 2011 - 6:35AM
Dow Jones News
The Securities and Exchange Commission was Thursday weighing
whether to launch an insider trading investigation into Berkshire
Hathaway Inc. (BRKA, BRKB) executive David Sokol, according to
people familiar with the matter.
They said the agency does not view the situation as requiring
urgent action.
The likely first step in a probe would be to request relevant
information, such as trading records, from Berkshire Hathaway and
Mr. Sokol, according to people familiar with the matter.
On Wednesday, Berkshire Chairman and CEO Warren Buffett
disclosed that Sokol, 54, was resigning from Berkshire, where he
had been considered a leading contender to succeed Buffett, who is
80.
Sokol resigned after purchasing $10 million of the stock of
Lubrizol Corp. (LZ), a company Sokol suggested that Buffett buy.
Sokol bought the shares, and recommended the company's purchase, in
January. In March, Berkshire said it agreed to buy Lubrizol,
leading to a $3 million profit on Sokol's stake in less than three
months.
Sokol said his resignation "had absolutely nothing to do" with
Lubrizol, and both he and Mr. Buffett said they don't think Sokol
violated any laws.
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