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VC buys 5m Violin shares
Pequot Capital hedge fund man Art Samberg has bought 5.3 million Violin Memory shares, showing faith in the company's future.
Samberg was CEO, chairman and president of Pequot Capital, which grew to be a $15bn fund around 2006, the then-largest in the world. That was then and Samberg now runs his financial stuff through Hawkes Financial LL. He has been involved in a 2010 no-admission-of-liabilities-settlement with the SEC concerning trades in Microsoft securities.
The Violin shares he has bought amount to 5.318 per cent of Violin's common stock, which are currently trading at $0.95. On June 6 when he bought his stock they were changing hands around $0.62, implying he spent some $3.3m; a heck of a bet on a troubled company.
In May the stock dipped below $0.30 but has generally risen since then. What does Samberg know about Violin? ®