Google says still working with Market Street Partners
* Google still using Market Street Partners -spox
* Market Street employee gave Galleon tips on Google -SEC
SAN FRANCISCO/NEW YORK Oct 20 (Reuters) - Google Inc (GOOG.O) said it is still using investor relations firm Market Street Partners, the tiny firm whose employee -- according to prosecutors -- tipped off Galleon Group about Google's 2007 earnings.
"At this point Market Street Partners remains a vendor," Google spokesman Matt Furman told Reuters in an interview. Furman declined further comment.
An employee of San Francisco-based Market Street Partners provided a tip that led to hedge fund Galleon Group's most profitable trade -- a $9 million profit on Google's 2007 earnings, according to an SEC complaint filed on Friday. [ID:nN19404847]
Industry watchers have wondered whether Google would continue its relationship with the firm. Google last night declined to comment.
"The Market Street employee provided the material, nonpublic information ... as part of his/her efforts to find hedge funds or other persons or entities willing to pay him/her for inside information in the future," according to a separate complaint from federal investigators.
Google is by far the biggest of about 60 companies listed on Market Street's website.
Last Friday, federal investigators brought criminal charges against Galleon founder Raj Rajaratnam and five others in what is the largest hedge fund insider trading case in history. [ID:nN16545101]
(Reporting by Clare Baldwin in San Francisco and Emily Chasan and Anupreeta Das in New York; Editing by Phil Berlowitz)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints


Follow Reuters