“In early morning trading, shares of Apple dropped down to about $437 a share, the lowest Apple has traded at in over a year. Naturally, Apple shares tanked despite reports that domestic demand for iMacs have surged nearly 32% year-over-year,” Yoni Heisler writes for Network World. “But a curious thing happened just about three hours into the trading day. Hedge fund manager Doug Kass put out a tweet teasing the idea that Apple was going to announce a stock split on Wednesday during the company’s shareholder meeting.”
“Surprise, surprise: it didn’t take long for shares of Apple to recover, eventually closing out at $448.97, up $6.17 for the day,” Heisler writes. “And here’s where things get fishy. Shortly thereafter, with Apple trading at $449, Kass put out another tweet saying that it’s about time he sell off some of his Apple shares.”
Heisler writes, “1 hour later Kass tweeted out that he was continuing to “pare back” as the rumor – which he effectively tweeted into existence – was baseless. How delightfully convenient. Now Kass writes that he sold off shares of Apple after ostensibly realizing that Apple ‘would require a shareholder vote to split the stock.’ Doesn’t it seem strange that Kass, who touts himself as a ‘legendary hedge fund manager’ on his website, would have forgotten this oh-so-important factoid?”
Much more in the full article here.
MacDailyNews Take: The SEC has its case laid out for it on a silver platter should it ever awaken.
If you would like to lodge a complaint about fraud or wrongdoing involving potential violations of U.S. securities laws, you can do so online with the U.S Securities and Exchange Commission here.
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Doug Kass: Apple to announce stock split on Wednesday – February 26, 2013