BROTHER SPILLS PET SECRETS FOR $299K WIN!

SEC v. Michael T. Christensen — U.S. Securities and Exchange Commission Litigation Release No. 26644, dated September 21, 2026.

The SEC charged Michael T. Christensen with insider trading for illegally profiting from non-public information about PetIQ's acquisition. He learned this information from his brother, a former PetIQ executive involved in the deal. Christensen purchased PetIQ stock and options based on this tip, making approximately $299,000 when the stock price surged 48% upon the acquisition announcement.

In Plain English

Imagine your brother works for a company and knows it's about to be bought by another company. He tells you this secret information. You then buy a lot of that company's stock because you know the price will go up. When the news becomes public, the stock price jumps, and you sell your shares for a big profit. This is illegal because you used secret information that others didn't have.

Disclaimer: all facts are drawn from the SEC's own filings; the claims described are allegations unless and until a court rules or the parties settle, and some cases end in dismissal.

How the Alleged Scheme Worked

1. Insider Information Gathered Michael Christensen's brother, a senior executive at PetIQ, was deeply involved in negotiations for PetIQ's acquisition by Bansk Group LP. During a vacation in late June/early July 2024, the brother disclosed material, non-public information about the impending acquisition to Michael.
2. Illegal Purchases Begin Armed with this confidential information, Michael Christensen began purchasing shares of PetIQ stock and options. These purchases occurred in July and August 2024, based on the knowledge that the company was likely to be acquired.
3. Continued Trading Christensen did not stop after his initial purchases. He continued to buy PetIQ stock and options right up until August 6, 2024, the day before the acquisition was publicly announced.
4. Acquisition Announced On August 7, 2024, PetIQ publicly announced that Bansk Group LP would acquire the company. This news was anticipated by Christensen due to the information provided by his brother.
5. Stock Price Surges Following the announcement, the price of PetIQ's stock experienced a significant increase. The stock closed at $30.42 per share on August 7, 2024, a 48% jump from its closing price of $20.57 the previous day.
6. Illicit Profits Realized By trading on the material non-public information, Michael Christensen realized approximately $299,000 in illegal profits from his purchases of PetIQ stock and options.

The Enforcement Action

On September 21, 2026, the SEC filed insider trading charges against Michael T. Christensen in the U.S. District Court for the District of Idaho. The SEC alleged that Christensen purchased PetIQ stock and options based on material non-public information learned from his brother, a former PetIQ senior executive involved in the acquisition talks. Christensen allegedly made approximately $299,000 in illicit profits when PetIQ's stock price rose 48% on the day of the acquisition announcement. The SEC sought a permanent injunction, disgorgement with prejudgment interest, and a civil penalty. Christensen had previously pleaded guilty to securities fraud in a parallel criminal action brought by the U.S. Department of Justice. The SEC's investigation was ongoing.

Named in this action: Michael T. Christensen.

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