On an otherwise ordinary January 13th, 2021, Hong made a calculated move, snapping up 100 Coherent shares. The stock market erupted six days later when Lumentum unveiled its intentions to take Coherent under its wing, catapulting Coherent’s stock price to a meteoric $197.01, marking a dazzling ascent of nearly 30%. This high-voltage play fattened Hong’s wallet by a crisp $4,342, claims the SEC.
Yet, the crescendo didn’t end there. Just as the Lumentum-Coherent union seemed written in the stars, fate had other plans, with Coherent eventually finding solace with a different suitor.
Fast-forward to October 2021, Hong gets a whiff of Lumentum’s rekindled interest in NeoPhotonics. Between the days of autumnal hues from October 13 to November 1, Hong strategically amassed 12,080 NeoPhotonics shares. Lumentum’s public announcement on November 4th to embrace NeoPhotonics sent the latter’s shares skyrocketing by almost 40%. This move allegedly swelled Hong’s treasure chest by a cool $70,670.
The SEC’s stern gaze and sharp words underline Hong’s potential breach of “trust and confidence” towards Lumentum, bringing attention to her alleged reckless escapades.
