Cuomo investigating insider sales


According to the Wall Street Journal, New York Attorney General Andrew Cuomo is investigating whether some executives of Arbitron sold company stock prior to disclosure of news that they knew would hurt the stock price. The story says the New York AG is investigating stock sales made by eight Arbitron executives who sold a total of $8 million worth of company stock last year before the company announced in November that its Portable People Meter rollout was being delayed. “Arbitron is cooperating with this inquiry,” the company told RBR/TVBR, noting that it was disclosed in an SEC filing earlier this month.

RBR/TVBR observation: Nice to see Cuomo conducting an investigation in an area where he actually has legal authority.