Sam Altman, Bill Gates and More Are Making Some Strange Investments

As a Silicon Valley insider, Michael Robinson's uncovered an even bigger story than AI... A mysterious investment that could be the savior of the tech industry. Big Tech executives -- including Sam Altman, Bill Gates and Mark Zuckerberg -- are throwing large sums of money at it. This is the next frontier of tech investing...

Chewy Insider Penalized by SEC for Trading on Confidential Pet Insurance Deal Info

Anusuya Lahiri
September 30, 2024

On Friday, the SEC disclosed settling charges against Austin Kauh of Wilton, CT, for insider trading before the December 2021 announcement that Kauh’s employer, Chewy, Inc (NYSE:CHWY) collaborated with Trupanion, Inc (NASDAQ:TRUP).

According to the SEC’s order, Kauh was part of Chewy’s due diligence team during the period leading up to the announcement.

In this role, he learned about plans for a partnership that would allow Trupanion to offer an exclusive suite of pet health insurance and wellness plans to more than 20 million Chewy customers. 

Also Read: Adobe Chair and CEO Sold $13.04M In Company Stock

Between June 10, 2021, and August 25, 2021, Kauh purchased Trupanion stock using this material nonpublic information in violation of his duties to his employer. 

Kauh conducted this trading in his personal account and in an account held in the name of another person. 

When Trupanion’s stock price rose by 39% following the announcement, Kauh generated ill-gotten gains of $4,344 in his account and $12,093 in the other. 

The SEC’s order finds that Kauh violated the SEC’s antifraud provisions. 

Without admitting or denying the SEC’s findings, Kauh consented to the issuance of a cease-and-desist order and a five-year bar from acting as an officer or director of a public company and agreed to pay disgorgement of $4,344, prejudgment interest of $634.79, and a civil penalty of $30,297.14.

Chewy stock is up over 57% in the last 12 months. Trupanion stock is up over 57%.

Price Action: CHWY stock is down 2.34% at $29.27 at last check Monday.

Also Read:

  • Insider Decision: Scott Robinson Exercises Options At Donaldson For $1.57M

Photo via Shutterstock.

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