ADMINISTRATIVE PROCEEDING
File No. 3-21504

June 29, 2023 – The Securities and Exchange Commission today announced that Ashutosh Bhardwaj of Fulshear, Texas has agreed to settle charges that he engaged in insider trading in the securities of Coherent, Inc. (“Coherent”) before the January 19, 2021 announcement (the “Announcement”) that Lumentum Holdings Inc. (“Lumentum”) would acquire Coherent.  

According to the SEC’s order, Ashutosh Bhardwaj traded in the securities of Coherent based on inside information he obtained from his brother Amit Bhardwaj, who was at that time the Chief Information Security Officer of Lumentum.  Through his work at Lumentum, Amit Bhardwaj learned material nonpublic information about the company’s plan to acquire Coherent in late 2020 and tipped his brother, Ashutosh, to purchase Coherent securities ahead of the Announcement.  Based on this tip, Ashutosh Bhardwaj purchased 218 shares of Coherent stock between January 6, 2021 and January 15, 2021.  Following the Announcement, Coherent’s stock price rose by approximately 30% and Ashutosh Bhardwaj obtained ill-gotten gains of approximately $9,000.

The SEC’s order further finds that Ashutosh Bhardwaj violated the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.  Without admitting or denying the SEC’s findings, Bhardwaj consented to a cease-and-desist order and agreed to pay disgorgement of $8,990.97, prejudgment interest of $830.46, and a civil penalty of $8,990.97.

The SEC’s investigation was conducted by Joshua R. Geller, Ann Marie Preissler, John Rymas, and Lindsay Moilanen of the Enforcement Division’s Market Abuse Unit, and by Elzbieta Wraga of the New York Regional Office.  This case has been supervised by Market Abuse Unit Chief Joseph G. Sansone.  The SEC appreciates the assistance of the Financial Industry Regulatory Authority.