The Securities and Exchange Commission filed a lawsuit against Leon Cooperman, the president, chief executive officer and majority shareholder of Omega Advisors, Inc., a registered investment adviser, and Omega Advisors, alleging that, in 2010, through his personal holdings and client holdings of Omega Advisors, Mr. Cooperman profited because of trading on insider information he wrongfully obtained. According to the SEC’s complaint, filed in a federal court in Pennsylvania, Mr. Cooperman obtained nonpublic information regarding divestiture plans of Atlas Pipeline Partners, L.P., a company in which he owned or controlled a substantial number of shares. Despite providing assurances to the APL executive who provided him the nonpublic information that he could not and would not trade based on it, he in fact so traded, claimed the SEC. Later, in late 2011 or early 2012 after Omega Advisors was served with a subpoena regarding trading in APL securities, Mr. Cooperman “improperly” sought the executive’s assurances that he “had not shared confidential information with him in advance of the announcement of [the divestiture].” The SEC seeks an injunction, disgorgement of trading profits and a fine against the defendants. In a letter sent to investors, Mr. Cooperman said “[w]e have done nothing improper and categorically deny the Commission’s allegations.”