Bank of America shared nonpublic information with investors in India, whistleblower says | Company Business News - Mint
Summary
The whistleblower’s complaint, filed in June, also cited separate concerns about the bank’s conduct in the initial public offering of stock for SoftBank-backed retailer FirstCry and the rights offering for Carlyle-backed housing company PNB Housing Finance
Bank of America has opened an internal investigation following allegations that bankers in Asia shared nonpublic information with investors before the bank sold hundreds of millions of dollars of stock.
The whistleblower complaint alleged that bankers shared transaction details with investors before a stock sale in India was announced this spring, according to a copy of the complaint reviewed by The Wall Street Journal—potentially enabling the investors to engage in what is known on Wall Street as “front running."
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