Sedona case heading for trial
29 September 2010 New York
Image: Shutterstock
Andreas Badian and other defendants are set for trial in early 2011 in the SEC's lawsuit over naked short selling.
Badian, who worked for Rhino Advisors, is alleged to have used short selling to drive down Sedona's stock. This benefitted another Rhino fund, which had invested in a convertible loan issued by the Philadelphia-based software developer.
The case has been beset by delays; it was originally due to go to trial in June this year, which was then delayed to August.
Badian has left the US since charges were originally filed.
Badian, who worked for Rhino Advisors, is alleged to have used short selling to drive down Sedona's stock. This benefitted another Rhino fund, which had invested in a convertible loan issued by the Philadelphia-based software developer.
The case has been beset by delays; it was originally due to go to trial in June this year, which was then delayed to August.
Badian has left the US since charges were originally filed.
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