The U.S. Securities and Exchange Commission sued Jonathan J. Ferrie, a former Cigna financial controller, on Sept. 18 in Connecticut District Court over alleged insider trading of Cigna stocks in violation of federal securities laws. The court action contends that Ferrie used material nonpublic information to trade in Cigna securities in mid-June 2021 before Cigna publicly announced its second quarter performance, which was affected by higher-than-expected medical costs arising from the COVID-19 pandemic. Lawyers have not yet appeared for the defendant. The case is 3:23-cv-01217, Securities and Exchange Commission v. Ferrie.
Government
September 18, 2023, 9:40 AM