Two years after the matter first got here to mild, former SodaStream CEO Daniel Birnbaum and an organization worker Ayala Cohen have been in the present day indicted within the Tel Aviv District Courtroom (Economics) for offenses involving insider buying and selling and perverting the course of justice. The latter offenses have been first revealed by “Globes,” after Cohen gave a special model of occasions to a banker concerning the efficiency of SodaStream’s shares than that which she advised to the court docket.
Based on the indictment, Birnbaum, who served as dwelling carbonated drinks firm SodaStream’s CEO for 12 years, was in shut contact with Cohen and gave her inside details about two main occasions. Cohen used the knowledge given to her to purchase the corporate’s shares.
In July 2020, the Israel Securities Authority accomplished its investigation on the matter and handed the case onto the State Legal professional.
The primary of the 2 occasions occurred in February 2017 earlier than SodaStream printed a monetary report which confirmed a 213% rise in web revenue for the fourth quarter of 2016, in contrast with the corresponding quarter of 2015. Cohen was given details about the outcomes earlier than they have been printed. Two days earlier than the outcomes have been printed, Cohen purchased SodaStream shares for NIS 150,000 with many of the cash in her present account. She subsequently offered the shares at a revenue of NIS 28,000.
The second event was in July 2018 after Birnbaum met with the CEO and president of Pepsico who agreed to purchase SodaStream and earlier than publication of the corporate’s sturdy second quarter outcomes for the 12 months.
Birnbaum allegedly urged Cohen to right away make investments all her financial savings within the firm’s shares. Cohen understood that Birnbaum has insider info and instructed her banker to purchase NIS 200,000 value of SodaStream shares from her present account and an extra NIS 100,000 in shares from a financial savings account.
Shortly after SodaStream reported that it had signed an settlement to be acquired by PepsiCo and sooner or later after the monetary report was printed, Cohen offered all her shares for a revenue of NIS 156,000.
Presumption of innocence: Daniel Birnbaum and Ayala Cohen are solely suspects and haven’t been convicted of any offense and as such deserve the presumption of innocence.
Revealed by Globes, Israel enterprise information – en.globes.co.il – on December 28, 2021.
© Copyright of Globes Writer Itonut (1983) Ltd., 2021.