Arista Networks Founder Andy Bechtolsheim to Pay SEC Over $900,000 to Settle Insider Trading Charges-January 2024-www.financetom.com

Arista Networks Founder Andy Bechtolsheim to Pay SEC Over $900,000 to Settle Insider Trading Charges

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Arista Networks Founder Andy Bechtolsheim to Pay SEC Over $900,000 to Settle Insider Trading Charges

Mar 26, 2024 7:41 AM

10:18 AM EDT, 03/26/2024 (MT Newswires) -- Arista Networks ( ANET ) founder and Chief Architect Andy Bechtolsheim has agreed to pay more than $900,000 to settle insider trading charges brought by the Securities and Exchange Commission.

The SEC alleges Bechtolsheim misappropriated material nonpublic information regarding an impending acquisition of Acacia Communications, which makes highspeed optical interconnect products, by Cisco (CSCO).

Bechtolsheim allegedly traded Acacia options in the accounts of a close relative and an associate the day before Cisco announced that it agreed to acquire Acacia for $70 per share, which caused Acacia's stock price to surge over 35%. The SEC alleges Bechtolsheim's trading generated combined illegal profits of more than $400,000.

Representatives for Arista Networks ( ANET ) did not immediately respond to a request for comment from MT Newswires.

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