The Securities and Exchange Commission (SEC) is conducting an insider trading investigation of General Growth Partners (GGP). The bankrupt shopping mall owner also disclosed that it is receiving equity investment from The Blackstone Group.
The SEC is investgating whether former and current company executives broke insider trading laws, and is focusing its investigation on a period of time in late 2008 when the company’s stock prices dropped dramatically. Company executives and board members sold nearly $120 million in stock in September and early October 2008. The company said the investigation will not hinder its operations.