Stephen Plotnick Quoted by Thomson Reuters on Charges Pending Against SAC Capital

Litigation partner Stephen M. Plotnick was quoted in the November 28 Thomson Reuters article “SEC’s Written Warning to SAC Capital Means Legal Action Soon,” concerning reports of a Wells notice received by SAC Capital in connection with insider trading charges filed against Mathew Martoma, a former portfolio manager of an SAC affiliate.  The charges filed against Martoma describe his discussions with the “hedge fund owner where he was employed,” widely believed to be Steven Cohen.  Although neither SAC nor Cohen have been formally charged with wrongdoing by the SEC, Plotnick noted that the Wells notice “suggests that the SEC has something more” than what was revealed publicly in the charges filed against Martoma.  “The missing link has been the connection between the discussions Martoma had with Gilman [the individual alleged to have tipped off Martoma] and Cohen knowing that that is where Martoma obtained the information,” Plotnick said.

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