October 23, 2019 — A conservation group on Monday asked federal regulators to investigate possible insider trading involving the owner of the Pebble copper and gold mine and an analyst who tracks the company’s stock.
Earthworks believes securities analyst John Tumazos “received and disclosed insider information” to investors in the weeks before the Trump administration in July released a decision favoring the project, according to a complaint filed with the Securities and Exchange Commission.
The value of Northern Dynasty Minerals’ stock rose sharply following the July announcement. Northern Dynasty Minerals is based in Canada and owns the Pebble Partnership, the company aiming to develop the mine.