On September 30, 2014, the SEC brought separate enforcement actions against Filip Szymik and Jordan Peixoto in connection with alleged insider trading transactions involving the securities of Herbalife Ltd. ("Herbalife"). According to the orders, Szymik's roommate (the "Analyst") was employed in 2012 at Pershing Square Asset Management, L.P., a hedge fund manager headed by well-known activist investor William Ackman. The SEC alleges the Analyst, in violation of Pershing's confidentiality policy, told Szymik about an upcoming public presentation (the "Pershing Presentation"), at which Pershing would discuss its negative view of Herbalife. The SEC also alleges that, in a series of communications prior to December 19, 2012, Syzmik, in breach of his duty of trust and confidence to the Analyst, passed on the information to his friend Peixoto.