On May 19, 2026, the U.S. Securities and Exchange Commission announced that it reached an insider trading settlement with Nipun Kumar Jami, the spouse of an employee of Adobe Inc. According to the SEC, Jami illegally traded in the securities of Semrush Holdings Inc. before Adobe publicly announced its impending acquisition of the company in November 2025.
According to the SEC’s Order, Jami obtained material nonpublic information regarding the acquisition from his spouse whose work involved Adobe’s mergers and acquisitions. The SEC accused Jami of misappropriating the MPNI obtained from his spouse by making several large purchases of Semrush call option contracts and stock in the days leading up to Adobe’s November 19, 2026 announcement regarding the acquisition. According to the SEC, Jani should have known or was reckless in not knowing that he was expected to maintain the confidentiality of the Semrush acquisition and, consequently, the trades violated a duty of trust and confidence owed to his spouse. On the day of the announcement, Semrush’s stock price increased by 74 percent, and Jani allegedly sold all of his Semrush securities that day for a profit of more than $1.3 million. Approximately one month after the acquisition was announced, Jami voluntarily reported the trades to the SEC and cooperated with the SEC’s investigation, according to the Order.
While the SEC found that Jami violated the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, under the terms of the settlement he consented to the issuance of a cease-and-desist order without admitting or denying the SEC’s findings. Jami also agreed to pay disgorgement of $1,317,233 and civil penalty of $658,617. Jami also acknowledged, as part of the settlement, that the amount of the civil penalty reflected, among other things, “his cooperation in a Commission investigation and related enforcement action.” The SEC reserved the right to reopen the matter and increase the civil penalty if, at any time following the entry of the Order, the SEC finds that any materially false or misleading information was provided.
SEC – Administrative Proceeding Summary | Cease-and-Desist Order