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SEC Fines Arista Co-Founder $1 Million Over Insider Trading Claims

·1 min

The U.S. Securities and Exchange Commission announced that a co-founder of Sun Microsystems and Arista Networks has agreed to pay approximately $1 million to settle insider trading allegations. The regulator claimed that during his tenure as Arista’s chair in July 2019, the individual gained non-public information about the impending acquisition of Acacia Communications. They then made profitable trades based on this confidential information before Cisco’s announcement of the $70 per share acquisition.