Indictment against Daniel Birnbaum: Provided inside information to a relative
The Tax and Economics Prosecutor's Office today filed an indictment in the Tel Aviv District Court (Economic Department) against the former CEO of Sodastream and against Ayala Cohen, for offenses of using inside information and obstruction of justice. Birnbaum's lawyers:
Walla!
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28/12/2021
Tuesday, 28 December 2021, 14:50 Updated: 15:21
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Soda Stream is considered one of the great business successes in the Israeli industry of the pre-unicorn and cyber era. The company that was sold to the PepsiCo Corporation presented a model of creativity, concern for the environment and even coexistence. But in April it was announced that the prosecution plans to indict former CEO, Daniel Birnbaum, suspicions that use insider information to profit.
After hearing Submitted finally wrote marital reduced (compared to the original suspicions) tells two cases in which a message Birnbaum, allegedly , insider Lmkorbto. Birnbaum also charged with obstructing justice attempt.
according to the indictment, Birnbaum, who was the CEO of SodaStream, was in close contact with Ayala Cohen and gave her inside information about the company "Sodastream Aintrnsional Ltd.", both Various events - and she used the information he gave her when she purchased the company's shares.
According to the indictment, in mid-February 2017, Soda Stream published a periodic and annual report that showed a significant increase in material indices, including a 213% increase in net profit in the last quarter of 2016 compared to the corresponding quarter a year earlier. To serve the inside information in relation to the positive financial results of the quarter.
Two days before the report was published, Cohen bought Sodastream shares for about NIS 150,000 - most of the current money in her possession - and then sold the shares she bought at a profit of about NIS 28,000.
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Daniel Birnbaum, former CEO of Soda Stream. Accused of two cases of providing inside information to a relative (Photo: Aya Ben Ezri)
According to the indictment, in July 2018, Birnbaum held a meeting with the CEO and president of the Pepsi company, in which the CEO suggested that "Pepsi" acquire Soda Stream.
At that time knew Birnbaum Sodastream is expected to publish a quarterly report indicating a substantial increase in the Company's revenues and profits. Shortly after meeting with representatives of Pepsi, and some two weeks before the publication of the quarterly report positive, urged Birnbaum Cohen to invest in shares of Sodastream the savings immediately.
Cohen realized Shabrenbaum urges her to buy shares because he has inside information that will raise the share price.
The indictment further alleges that two days later, Cohen used almost all the cash she had and ordered her banker to purchase Sodastream shares for her, for a total of about NIS 200,000. At the same time, it sought to redeem a savings bank it owns to fund further purchases of Soda Stream shares. After the savings bank's money was transferred to its current account, Cohen purchased additional
Sodastream
shares in the amount of NIS 100,000.
Which purchased and earned about NIS 156,000.
The indictment also attributes to Birnbaum and Cohen a disruption of legal proceedings in relation to the version that Cohen provided to the banker in answer to the banker's questions regarding its activity in the stock.
The indictment was filed by attorneys Idan Schwartz and Hadar Kola, from the Securities Department, the Tax and Economics Attorney's Office. The case is being investigated by the Securities Authority's Intelligence and Trade Control Department.
Daniel Birnbaum.
His lawyers: happy with the reduction of the charges "(Photo: Reuven Castro)
Birnbaum: "The PA will be persuaded to drop the indictment"
On behalf of Daniel Birnbaum, it was stated
: "We are pleased to reduce the charges from 7 to 3. Among other things, the offense of providing inside information was omitted, there was significant relief in another offense of inside information and three offenses of disruption and dismissal were omitted. You will be persuaded to drop the indictment altogether. "
Birnbaum is represented by lawyers: Dori Klagsbald, Amir Shraga and Ron Geva.
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Tags
Soda Stream
Sodastream
Daniel Birnbaum
Securities Authority
Prosecution