The Securities and Exchange Commission recently filed civil insider trading charges against Michael T. Christensen, a Boise, Idaho, resident whose brother formerly served as a senior executive at PetIQ, Inc., a pet products company. In a complaint filed on September 21, 2026, the SEC accused Christensen of purchasing PetIQ securities before the company’s August 7, 2024 announcement of its impending acquisition by private equity firm Bansk Group LP. According to the SEC, Christensen’s brother was deeply involved in deal discussions when he shared material nonpublic information (“MNPI”) about the transaction with Christensen while they were vacationing together from late June through early July 2024. Using the MNPI, Christensen allegedly acquired PetIQ shares and options throughout July and early August 2024, with purchases continuing until the day before the deal became public. When the acquisition was announced, PetIQ’s share price increased by 48 percent, allegedly enabling Christensen to generate roughly $299,000 in unlawful profits.
The SEC’s complaint, which was filed in the U.S. District Court for the District of Idaho, accuses Christensen of violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The SEC is seeking a permanent injunction, disgorgement of alleged profits with prejudgment interest, and a civil penalty.
On September 25, 2026, after filing parallel criminal charges against Christensen, the U.S. Attorney’s Office for the District of Idaho announced that he had pleaded guilty to one count of securities fraud. According to federal prosecutors, Christensen knowingly and willfully misappropriated MNPI regarding the acquisition without informing his brother of his securities purchases. Christensen is scheduled to be sentenced on December 15, 2026.
SEC Litigation Release | SEC Complaint