SEC v. Barry Siegel, No. LR-26147, Southern District of New York (Oct. 1, 2024) — Press Release

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26147 / October 1, 2024 Securities and Exchange Commission v. Barry Siegel, No. 1:24-civ-07210 (S.D.N.Y. filed Sept. 24, 2024) SEC Obtains Final Judgment Imposing Over $235,000 in Monetary Relief Against Alleged Insider Trader On September 26, 2024, the U.S. District Court for the Southern District of New York entered a final judgment on consent against Barry Siegel in the SEC’s insider trading case. The SEC’s complaint, filed on September 24, 2023, alleged Siegel had access to material nonpublic sales and inventory data in his role as Senior Director of Order Planning Management, North America at Foot Locker. The SEC alleged while in that role, Siegel shorted Foot Locker stock in advance of the company’s first quarter 2023 earnings announcement in May 2023. The SEC further alleged, after the announcement, Foot Locker’s stock price fell by 27.24%, and Siegel covered his short position for a $82,736.06 profit. The complaint further alleged, in early August 2023, about a week after being laid off from his job at Foot Locker, Siegel sold short Foot Locker stock again, this time in advance of the company’s announcement of its second quarter 2023 earnings. According to the complaint, after that announcement, the stock price fell by 28.28% and Siegel covered his short position for a $30,132.89 profit. The SEC further alleges that before each of his trades, Siegel was in possession of material nonpublic information concerning Foot Locker’s operating results, including negative sales and inventory figures, and he traded based on that information despite being subject to Foot Locker’s Policy Prohibiting Insider Trading. The final judgment signed by the Honorable Ronnie Abrams permanently enjoins Siegel from violations of the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; orders him to pay disgorgement of $112,868.95 plus prejudgment interest of $9,975.97; imposes a civil monetary penalty of $112,868.95; and bars him from acting or serving as an officer or director of a public company. The SEC’s investigation was conducted by Jeremy Brandt, Wes Wintermyer, Matthew Lambert, and Lauren Sheridan of the SEC’s New York Regional Office, and was supervised by Celeste Chase and Sheldon L. Pollock.

U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26147 / October 1, 2024 Securities and Exchange Commission v. Barry Siegel, No. 1:24-civ-07210 (S.D.N.Y. filed Sept. 24, 2024) SEC Obtains Final Judgment Imposing Over $235,000 in Monetary Relief Against Alleged Insider Trader On September 26, 2024, the U.S. District Court for the Southern District of New York entered a final judgment on consent against Barry Siegel in the SEC’s insider trading case. The SEC’s complaint, filed on September 24, 2023, alleged Siegel had access to material nonpublic sales and inventory data in his role as Senior Director of Order Planning Management, North America at Foot Locker. The SEC alleged while in that role, Siegel shorted Foot Locker stock in advance of the company’s first quarter 2023 earnings announcement in May 2023. The SEC further alleged, after the announcement, Foot Locker’s stock price fell by 27.24%, and Siegel covered his short position for a $82,736.06 profit. The complaint further alleged, in early August 2023, about a week after being laid off from his job at Foot Locker, Siegel sold short Foot Locker stock again, this time in advance of the company’s announcement of its second quarter 2023 earnings. According to the complaint, after that announcement, the stock price fell by 28.28% and Siegel covered his short position for a $30,132.89 profit. The SEC further alleges that before each of his trades, Siegel was in possession of material nonpublic information concerning Foot Locker’s operating results, including negative sales and inventory figures, and he traded based on that information despite being subject to Foot Locker’s Policy Prohibiting Insider Trading. The final judgment signed by the Honorable Ronnie Abrams permanently enjoins Siegel from violations of the antifraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder; orders him to pay disgorgement of $112,868.95 plus prejudgment interest of $9,975.97; imposes a civil monetary penalty of $112,868.95; and bars him from acting or serving as an officer or director of a public company. The SEC’s investigation was conducted by Jeremy Brandt, Wes Wintermyer, Matthew Lambert, and Lauren Sheridan of the SEC’s New York Regional Office, and was supervised by Celeste Chase and Sheldon L. Pollock.