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Sweden Launches Criminal Probe of Pirate Bay Sale

Posted by Soulskill on from the coming-and-going dept.

uolamer writes with word that the Economic Crimes Bureau in Sweden has opened an investigation into the upcoming purchase of The Pirate Bay by Global Gaming Factory X. Quoting: "The Swedish newspaper SvD reported Saturday that authorities are looking for possible insider trading after Global Gaming's stock jumped a week before they announced plans to acquire The Pirate Bay. Trading of Global Gaming shares was halted by AktieTorget, a Swedish exchange, on Friday after officials there requested proof that Global Gaming had enough money to complete the sale. Global Gaming has yet to produce the required documentation. Until officials get the proof they need, they said they won't allow the stock to be traded again."

2 of 48 comments (clear)

  1. RTFA by argent · · Score: 0, Redundant

    RTFA: "authorities are looking for possible insider trading after Global Gaming's jumped a week before Global Gaming announced plans to acquire The Pirate Bay"

  2. RTFOP by argent · · Score: 0, Redundant

    The OP wrote "But why on Earth would stocks rise on the news of..."

    I'm pointing out that the rise was BEFORE the news. Which is, as you say, an indication of possible insider training. If insider trading was involved, it merely means that the insiders were expecting the stocks to rise even higher on the announcement. Betting on "greater fools" isn't a sure thing, but it's successful often enough to be worthwhile for someone riding the ragged edge of the law anyway.