Former Samsung manager Suk-Joo Hwang has admitted that he disclosed confidential data relating to the iPad prior to the iPad’s release, reports Bloomberg. The leaked information consisted of shipping data for iPad components.
Hung testified before court in Primary Global Research (PGR) executive James Fleishman’s insider trading trial, and reveals that he disclosed the information to both Fleishman and a hedge fund manager in Mountain View, CA over lunch 4 months prior to the iPad’s public release. In his testimony, Hung says that he vividly remembers sharing the shipping numbers.
Hwang also shared that a man sitting at a nearby table was starting at him as he disclosed the information, and was concerned that the man might be an Apple employee. Shortly after the lunch, Hwang was told by a colleague that Samsung has lost a supply contract with Apple, and Hwang formed the conclusion that the man had been an Apple employee, and said “I was scared.”
Hwang has been granted immunity from any prosecution relating to the leaked information in exchange for providing his testimony.
