Burr sued over controversial stock sales

[zackymilly]

https://www.wral.com/coronavirus/burr-sued-over-controversial-stock-sales/19026735/

WASHINGTON — A shareholder in Wyndham Hotels is suing U.S. Sen. Richard Burr over the North Carolina Republican's decision to sell up to $150,000 of Wyndham stock last month before the coronavirus outbreak caused the stock to lose more than half of its value.

Alan Jacobson accused Burr in the federal lawsuit, which was filed Monday, of violating the Stop Trading on Congressional Knowledge, or STOCK, Act. Congress passed the measure in 2012, making it illegal for members to profit financially from inside information they receive. Burr was one of only three senators to vote against it.

Burr unloaded up to $1.7 million in publicly traded stocks on Feb. 13, weeks before the stock market cratered over the growing coronavirus outbreak.

[SWBTATTReg]

1. Good. All of these congressional scumbags that used this insider knowledge should pay the ...

price.

[CurtEastPoint]

2. womp womp, asshole.... womp womp

[MagickMuffin]

3. And he Voted AGAINST the STOCK Act.

How fitting, no wonder he voted against it.

[Stuart G]

4. That stock sale is going to cost Richard Burr more than he has ever imagined.

[TomSlick]

5. Based on a very quick scan of the STOCK Act - a VERY quick scan.

I don't see where the Act creates a private cause of action by an investor for violations by a covered official. I suspect the Complaint will draw a motion to dismiss for failure to allege a cause of action. Then again, I'm a cynical old defense lawyer.