Greenlight Seeks Name Of Blogger

Feb 18 2014 | 11:15am ET

Greenlight Capital has asked a court to force blog Seeking Alpha to identify a pseudonymous contributor who disclosed the hedge fund's investment in Micron Technology before it was made public.

New York-based Greenlight is seeking a court-order against Seeking Alpha, directing the blog to reveal the identity of "Valuable Insights," who on Nov. 14 revealed in a post that Greenlight was buying up Micron shares. The report came ahead of both Greenlight's confidentiality letter disclosing the stake to the Securities and Exchange Commission and its public announcement in November.

According to the hedge fund, the only people aware of its activities prior to Valuable Insights' post were "persons subject to contractual, fiduciary or other duty to maintain the confidentiality of that information: Greenlight's employees, legal counsel, prime and executing brokers, fund administrator, and other agents," it said in the New York State court filing.

In addition, Greenlight wrote, "upon information and belief, Valuable Insights owned shares in Micron at the time of the postings. The trading price for Micron's shares rose immediately after Valuable Insights' posting. because this was the very time frame in which Greenlight was in the process of building its Micron position, it was forced to pay higher prices for its Micron securities."

Greenlight bought more than 23 million Micron shares in the third quarter, and more than doubled that stake in the fourth.

Twelve days after Valuable Insights' post, Seeking Alpha refused to identify the author, who is described as a fund manager with more than two decades in the securities industry.


In Depth

Q&A: Executive Recruiter Talks Hedge Fund Closures, Hiring Trends

Dec 19 2014 | 6:58am ET

This year, hedge funds have been closing at a rate not seen since the financial...

Lifestyle

Cooper-Hohn Won't Contest Divorce Settlement

Dec 18 2014 | 9:51am ET

The ex-wife of hedge fund billionaire Christopher Hohn will not contest a divorce...

Guest Contributor

Alternative Investment Funds Face A Communications Imperative

Dec 19 2014 | 6:10am ET

A handful of the top alternative investment firms on both sides of the Atlantic...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.