DETROIT – The Detroit Police and Fire Pension Fund is suing billionaire businessman Dan Gilbert and alleging insider trading, according to a report.
The civil lawsuit, first reported by Bloomberg Law, claims Gilbert had insider information when he sold $500 million in Rocket companies stock.
Gilbert announced the March stock sale was to help fund his plan to invest hundreds of millions to revitalize Detroit neighborhoods over the next 10 years.
The lawsuit claims he knew the stock’s value would drop soon after he sold it.
Aaron Emerson, a spokesperson for Rock Holdings, issued the following statement:
“The claim that Dan Gilbert, the company’s founder and chairman, acted using information not available to the public is false and preposterous.
Our leadership and company have been forthcoming and transparent in all releases, disclosures and statements. Additionally, every action taken has been in the best interest of our shareholders, as is evidenced by the fact that we have either met or exceeded guidance ranges that were provided in our 2021 earnings releases, while earning more than $10 billion in net revenue this year.
We will defend the strong reputation we have built for doing the right thing over the last 36 years and hold accountable anyone who makes false claims or attempts to tarnish our company, our founder or the hard work of our 26,000 team members.
We will vigorously defend this frivolous matter, and continue focusing on our team members, clients, shareholders...
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