Appaloosa’s Short Sales on Wells Fargo Face SEC Probe

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.

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