Clarus Reports Status of HAP Trading Short-Swing Profit Litigation
SALT LAKE CITY, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor and consumer enthusiast markets, reported on the status of its claims against HAP Trading, LLC and Mr. Harsh A. Padia (collectively “HAP Trading”).
- SALT LAKE CITY, Dec. 06, 2023 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor and consumer enthusiast markets, reported on the status of its claims against HAP Trading, LLC and Mr. Harsh A. Padia (collectively “HAP Trading”).
- On November 20, 2023, Clarus submitted its expert’s report calculating the recovery that may be available to Clarus from HAP Trading’s purchases and sales of Clarus common stock in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended.
- Clarus engaged Charles Lundelius, a Managing Director with Berkeley Research Group, LLC (“BRG”) ( https://www.thinkbrg.com/people/charles-lundelius/ ) to conduct a comprehensive review of HAP Trading’s transactions in shares of Clarus’ common stock during the period July 19, 2022 to September 23, 2022.
- HAP Trading has also submitted expert reports claiming market making and arbitrage exemptions from the requirements of Section 16(b), which Clarus and Lundelius have concluded are not applicable in the current context.