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Tuesday, February 8, 2011

Alleged Brightpoint Insider Trading To Be Investigated by Indiana Securities Regulators

Charles White
HoosierLeaks received allegations that Brightpoint stock recently has been traded on insider information.  HoosierLeaks notified the Indiana Securities Commissioner, Chris Nalor, and his boss, the Indiana Secretary of State, Charles White, that specific industry insiders had been identified to us as responsible for recent insider trading fraud.  Below is the email recently sent from to these two officials:

Chris Naylor
 “Mr. Chris Naylor and Mr. Chas White,

After the market close on Feb 2, 2011, CELL (Brightpoint) announced a material increase in earnings that was far higher than analysts had predicted. Earlier that day before the market close ([sic] prior to the public earnings announcement), and in the late afternoon of the prior day (Feb 1), XXXXXXXXX and other insiders purchased stock at $9.50 only to see it jump to $12 the morning of Feb 3.”

Today, HoosierLeaks heard from an Indiana Securities Senior Investigator who indicated that they would investigate.  We appreciate their interest and will endeavor to cooperate with them. 
After reporting the tip to the regulators, we are reporting the information to you.  However, we have decided not to publicly identify the alleged insider at this time until the investigations are further along.  Based on this event and recent suspicious purchasing activity of Emmis stock, HoosierLeaks has initiated a system that analyzes local stock trading volume/price anomalies.  No one at HoosierLeaks is employed in the securities business.

Some say that Stockbrokers could sell our citizens a piece of the blue sky and get away with it.  If you have information about Indiana stock manipulation or investor fraud, please let us know.

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