SEC v. Smith, Civil Action No. 11-CV-0535 (S.D.N.Y. Filed Jan. 26, 2011) is an action against Adam Smith, a former portfolio manger of the Galleon Emerging Technology funds. The complaint states that Mr. Smith obtained inside information about the take over of ATI Technologies, Inc. by Advanced Micro Devices Inc. The information came from a source that Mr. Smith had known for years. While in possession of the information Mr. Smith caused the Galleon funds he advised to purchase ATI shares. Those shares were later sold at a profit of over $1.3 million. The complaint alleges a violation of Exchange Act Section 10(b). The case is in litigation.