The U.S. Securities and Exchange Commission sued Lupo Securities on Thursday in Illinois Northern District Court for allegedly profiting off of a Lockheed Martin partial tender offer. The complaint accuses Lupo of tendering 1 million Lockheed shares on its own behalf, an amount in excess of 925,000 shares of Lupo’s net long position in Lockheed. Attorneys have not yet appeared for the defendant. The case is 1:21-cv-04027, U.S Securities and Exchange Commission v. Lupo Securities LLC.
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