Seedo… more like seedy!
Below is the press release that i was happily about to regurgitate but first thought a simple google search ought to be in hand . The search revealed the following..
I presume he falls into the former felons category.. maybe he can snag himself some sort of equity license on the way through
STORY 1
Birnbaum allegedly passed on privileged information to Ayala Cohen, a former company employee, who bought SodaStream shares, selling them for a big profit.
Ex Sodastream CEO faces indictment for insider trading
According to the indictment, Birnbaum, who served as home carbonated drinks company SodaStream’s CEO for 12 years, was in close contact with Cohen and gave her inside information about two major events. Cohen used the information given to her to buy the company’s shares.
In July 2020, the Israel Securities Authority completed its investigation on the matter and passed the case onto the State Attorney.
The first of the two events occurred in February 2017, before SodaStream published a financial report, which showed a 213% rise in net profit for the fourth quarter of 2016, compared with the corresponding quarter of 2015. Cohen was given information about the results before they were published. Two days before the results were published, Cohen bought SodaStream shares for NIS 150,000, with most of the money in her current account. She subsequently sold the shares at a profit of NIS 28,000.
The second occasion was in July 2018, after Birnbaum met with the CEO and president of Pepsico, who agreed to buy SodaStream and before publication of the company’s strong second quarter results for the year.
Birnbaum allegedly urged Cohen to immediately invest all her savings in the company’s shares. Cohen understood that Birnbaum had insider information and instructed her banker to buy NIS 200,000 worth of SodaStream shares from her current account and a further NIS 100,000 in shares from a savings account.
Shortly after SodaStream reported that it had signed an agreement to be acquired by PepsiCo, and one day after the financial report was published, Cohen sold all her shares for a profit of NIS 156,000.
Presumption of innocence: Daniel Birnbaum and Ayala Cohen are only suspects and have not been convicted of any offense and as such deserve the presumption of innocence.
STORY 2
Ex SodaStream CEO handed 60-day prison sentence
Daniel Birnbaum has admitted disclosing privileged information for insider trading and the court has approved a plea bargain deal with the state attorney.
The court has approved the deal between Birnbaum and the state attorney and sentenced him to 60 days prison, an extra five months suspended sentence and a fine of NIS 50,000. In setting the fine, Tel Aviv District Court Judge took into account Birnbaum’s commitment to donate a similar amount to the war effort. In sentencing the judge also mentioned Birnbaum’s assistance to the public and soldiers during the war so far.
Former SodaStream CEO Daniel Birnbaum indicted for insider trading
In 2018, SodaStream was sold to PepsiCo for $3.2 billion. Birnbaum, who became CEO in 2007 after the company was acquired by the Fortissimo private equity fund, was convicted of offenses in 2017 and 2018 when he gave information to Ayala Cohen, a former close associate at the company.
Cohen was told about business developments including an upcoming positive financial report and expressed interest in buying shares to benefit from the information provided to her by Birnbaum about the company and its dealings. Birnbaum tried to dissuade Cohen from buying shares and warned her he might get into trouble on the matter. Birnbaum said he had revealed the information when under the influence of alcohol.
https://en.globes.co.il/en/article-former-sodastream-ceo-admits-insider-trading-1001460804
PRESS RELEASE
Seedo Corp (OTC: SEDO) has appointed the CEO of PepsiCo, Inc. (NASDAQ: PEP) subsidiary SodaStream, Daniel Birnbaum, to its board of directors following his personal $550,000 investment in the company.
About Seedo
Seedo provides a fully-automated growing machine for indoor cultivation of hemp and vegetables that can be used by both average consumers and large-scale producers.
The system allows to generate high yields of lab-grade pesticide-free products, while also reducing cultivation costs through providing maximum daylight illumination, built-in carbon filters, automated air conditioning and a smart post-harvest drying system.
Why It’s Important
The appointment of Birnbaum to the company’s board will be beneficial given his expertise in transforming SodaStream into a multi-billion dollar business.
SodaStream last year was acquired by PepsiCo for $3.2 billion. Prior to joining SodaStream, Birnbaum was the general manager of Nike Israel and a founding member of technology startup Nuvisio Corporation. In addition, he founded Pillsbury Israel and served as its CEO.
As an investor and board member at Seedo , Birnbaum will play a pivotal role in taking the company to the next level and transforming it into a global brand.
“I am excited about Seedo not only because of the medicinal and nutritional prospects behind high-quality hemp growth but even more so because of the possibilities Seedo is developing to help increase farming productivity around the globe,” Birnbaum was quoted in a statement.
What’s Next
The appointment of Birnbaum comes after Seedo announced a partnership with SYS Technologies, an innovative indoor and portable clean environment company, to develop advanced containerized clean growing solutions for commercial use. Moreover, Seedo recently started delivering the first pre-sold home-grow units to customers in California.
