The U.S. Securities and Exchange Commission sued Sung Mo Jun, a former software engineer for Netflix, and other defendants Wednesday in Washington Western District Court for allegedly gaining $3.1 million in profits from insider trading of Netflix securities. Jun is accused of accessing nonpublic information concerning Netflix's subscription levels and sharing it with friends and family members, who in turn allegedly traded Netflix securities in advance of announcements of quarterly earnings. Counsel have not yet appeared for the defendants. The case is 2:21-cv-01108, Securities and Exchange Commission v. Jun et al.
Government
August 18, 2021, 3:43 PM