David Einhorn Wants The Name Of The Anonymous Seeking Alpha Blogger Who Revealed One Of His Investments
Greenlight has petitioned Seeking Alpha to reveal the identity of an anonymous Seeking Alpha contributor who allegedly revealed the hedge fund's stake in Micron Technology in a blog post.
According to the court documents posted by ValueWalk, Greenlight wants to know the name of the blogger so it can sue them.
Greenlight alleges that the user wrongfully disclosed the hedge fund's trade secrets and breached confidentiality.
Greenlight also says that Seeking Alpha has refused to voluntarily reveal the name of the unidentified blogger.
The user, according to Greenlight's court petition, goes by "Valuable Insights" on Seeking Alpha.
Greenlight says that it began to amass a stake in Micron Technology on July 2, 2013, which was during the third quarter of 2013.
Forty-five days after the end of each quarter, hedge funds of a certain size are required to disclose their equity long holdings with the SEC in a form known as a 13-F.
Greenlight did not disclose its Micron stake in the third-quarter 13-F. Instead, Greenlight requested confidentiality treatment via a "Confidentiality Letter" request filed with the Securities & Exchange Commission on November 14, 2013, court documents show. Greenlight said in the court petition the reason was that it wanted to continue to build its position.
The only folks who were aware of the Micron position were Greenlight employees, counsel, prime and executing brokers and other agents, the court document says.
Greenlight claims that before 9:32 a.m. EST on November 14, 2013, before it had filed its "Confidentiality Letter" with the SEC, Seeking Alpha blogger "Valuable Insights" wrote, "Expect one mega hedge fund rock star to show up as [Micron] holder today, not Ackman, Icahn or Loeb...", the court documents show. Greenlight says that the user "Valuable Insights" also posted hints about the identity of the fund manager.
Einhorn didn't publicly announce his stake in semiconductor producer Micron until the inaugural Robin Hood Investors Conference on November 21, 2013.
In this case, Seeking Alpha, a network for financial bloggers to post about stock ideas, is a respondent (similar to a witness), not a defendant.
Here's the full court document posted by ValueWalk:
Greenlight Suit by ValueWalk.com