2 weeks before Howard Stern joined Sirius Satellite Radio, the stock of the company rose 40%. While most knew Stern would sign on, the Securities and Exchange Commission is investigating to see if someone had advance notice to buy a lot of stocks.
The SEC is subpoenaing New York gossip journalist Chaunce Hayden in this probe. Hayden is a frequent guest on Stern's radio show. Siruis states that no one in its company is involved in this matter.
Stern and the SEC have yet to comment on this investigation.