(Reuters) - In plea agreements filed in U.S. District Court in Los
Angeles, the three defendants admitted to using confidential
financial data about the company to make stock transactions
that brought each man tens of thousands of dollars in profits.
Prosecutors said Alan Cao, Quan Zhu and Jun Shi sold their
shares in Countrywide after learning the company would not meet
Wall Street earnings forecasts for the third quarter of 2004.
The men used the proceeds of the share sale to purchase put
options and short-sell the company's stock, prosecutors said.
Read more at Reuters.com Bonds News
Angeles, the three defendants admitted to using confidential
financial data about the company to make stock transactions
that brought each man tens of thousands of dollars in profits.
Prosecutors said Alan Cao, Quan Zhu and Jun Shi sold their
shares in Countrywide after learning the company would not meet
Wall Street earnings forecasts for the third quarter of 2004.
The men used the proceeds of the share sale to purchase put
options and short-sell the company's stock, prosecutors said.
Read more at Reuters.com Bonds News
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