The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Frank T. Poerio, Jr. for unlawful insider trading involving the securities of Dick’s Sporting Goods, Inc.
According to the SEC's complaint, Poerio engaged in insider trading between November 2019 and May 2021 by misappropriating material nonpublic information from an employee of Dick’s Sporting Goods referred to as Individual A.
This information pertained to the company's quarterly revenue figures. As a result of his trades based on this inside information, Poerio allegedly realized profits amounting to approximately $823,367. The SEC claims that Poerio violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5.
The case, identified as Civil Action No. 2:24-cv-700, was filed on May 10, 2024, in the United States District Court for the Western District of Pennsylvania.
The SEC is seeking a permanent injunction against Poerio to prevent future violations, disgorgement of all ill-gotten gains with prejudgment interest, and a civil monetary penalty. Additionally, they request any other relief deemed just and proper by the court.