- The complaint suggests that Mr. Petit passed inside information to Mr. Arrowood just prior to Mr. Arrowood's October 25, 2007 purchase of Matria stock. In fact, they had not spoken for two weeks nor flown together for almost three weeks prior to that date.
- In December 2007, Mr. Arrowood was assisting Mr. Petit in purchasing a newer airplane. As a result, Mr. Petit and Mr. Arrowood had numerous telephone calls during December and January about aircrafts. Unbeknownst to Mr. Petit, Mr. Arrowood purchased Matria stock in December 2007.
- During that same period, Matria's Board of Directors was exploring the possibilities of the sale of Matria. On January 28, 2008, the Company publicly announced it was being acquired.
- Mr. Arrowood's profit from the sale of this stock six months after the announcement of the acquisition was $9,900, not $94,000 as alleged by the SEC.
Counsel For Former Matria Healthcare Chairman And CEO Parker H. Petit Deny SEC Claims
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