The Securities and Exchange Commission is investigating billionaire and activist investor Ryan Cohen’s purchase and abrupt sale last year of shares of onetime home-goods retail chain and meme stock Bed Bath & Beyond, the Wall Street Journal reported on Thursday. The report comes after Cohen took a $120 million stake in the company last year, with hopes of shaking up business, tweeted “positively” about the retailer and days later offloaded the stake that August, the Journal said. The SEC is seeking information from Cohen about the trades and communications with higher-ups at the retailer, the Journal said, noting that an investigation might not lead to allegations of wrongdoing.
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