Michael T. Christensen
U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 26644 / September 21, 2026
Securities and Exchange Commission v. Michael T. Christensen, No. 26-cv-00618 (D. Idaho filed Sept. 21, 2026)
SEC Charges Brother of Former PetIQ Executive with Insider Trading
On September 21, 2026, the Securities and Exchange Commission filed insider trading charges against Michael T. Christensen of Boise, Idaho alleging that he unlawfully traded in the securities of PetIQ, Inc. ahead of the August 7, 2024 announcement that private equity firm Bansk Group LP would acquire PetIQ.
According to the SEC’s complaint, Christensen purchased PetIQ stock and options on the basis of material nonpublic information that he learned from his brother, a former PetIQ senior executive who was then an integral part of the deal discussions. As alleged, Christensen and his brother vacationed together late-June through early-July 2024, during a time when Christensen’s brother was actively engaged in PetIQ’s negotiations with Bansk. According to the complaint, Christensen’s brother disclosed material, nonpublic information about the potential acquisition to Christensen, who then traded on that information by purchasing shares of PetIQ stock and options in July and August 2024 and continued to do so until the day before the public announcement. The complaint further alleges that the day the acquisition was announced, the price of PetIQ’s stock rose 48%, and Christensen made approximately $299,000 in illicit profits.
The SEC’s complaint, filed in federal court in the District of Idaho, charges Christensen with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and seeks a permanent injunction, disgorgement with prejudgment interest, and a civil penalty.
Christensen previously pleaded guilty to securities fraud in a parallel criminal action brought by the U.S. Department of Justice.
The SEC’s investigation, which is continuing, was conducted by Andrew Palid, David Scheffler, John Rymas, and Michele T. Perillo of the Division of Enforcement’s Market Abuse Unit, under the supervision of Joseph G. Sansone. Kathleen Shields of the SEC’s Boston Regional Office will lead the litigation. The SEC appreciates the assistance of the U.S. Department of Justice Criminal Division’s Fraud Section, the U.S. Postal Inspection Service, and the Financial Industry Regulatory Authority.