U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21978 / May 26, 2011
SEC v. Gregory A. Seib, Civil Action No. 1:11-CV-0626 (N.D.Ga.)
JUDGMENT OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANT GREGORY SEIB
The United States Securities and Exchange Commission (“Commission”) announced that on May 2, 2011, the Honorable Richard W. Story, United States District Court Judge for the Northern District of Georgia, entered a Final Judgment as to Defendant Gregory A. Seib.
The final judgment against Seib enjoins him from violating, directly or indirectly, Section 10(b) of the Securities and Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder. In addition to the injunctive relief, the final judgment against Seib orders him to pay $71,654.14 in civil penalties and $71,654.14 in disgorgement together with prejudgment interest thereon in the amount of $13,393.88. Seib consented to the entry of the judgment without admitting or denying the allegations in the complaint.
On March 1, 2011, the Securities and Exchange Commission filed its Complaint in the United States District Court for Northern District of Georgia, against Defendant Gregory A. Seib. The Commission complaint alleges that after misappropriating confidential information from his employer regarding a pending merger agreement involving NASDAQ-listed Cambridge Display Technology, Inc. (“Cambridge”), Seib purchased Cambridge stock and call options, ultimately reaping profits in excess of $71,000.