S.E.C. sues Flowers employees - WALB.com, South Georgia News, Weather, Sports

S.E.C. sues Flowers employees

Thomasville - The Securities and Exchange Commission is suing seven employees of a South Georgia company for insider trading.

The Commission says that seven employees of Flowers Foods, based in Thomasville, obtained nonpublic information and used it to earn illegal trading profits.

In January of 2003, Flowers announced that its expected fourth quarter 2002 earnings per share would be higher than it previously estimated. The company also announced the sale of its Mrs. Smith's Bakeries frozen dessert business to Schwan Food Company. According to the complaint, the employees purchased Flowers Foods securities before the information was made public.

The defendants have agreed to pay $57,000 back to the S.E.C. and could face more civil penalties.

posted by ashley.harper@walb.com

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