Bloomberg – The U.S. Securities and Exchange Commission is probing Appaloosa Management LP, the hedge fund run by David Tepper, for betting against Wells Fargo & Co.’s stock before participating in its secondary offering.
The probe relates to trades in Wells Fargo’s secondary stock offering in November 2008, when the bank raised $11 billion to help fund the purchase of Wachovia Corp., Christopher Clark, an attorney for Appaloosa at Dewey & LeBoeuf LLP, said in an interview.
