A federal jury in Atlanta acquitted Steven E. Slawson, a New Jersey hedge fund manager, who had allegedly made illicit profits from sneak previews of financial results of Carter’s Inc., an Atlanta-based clothier, before they were released. He was acquitted of thirty-four counts of insider trading.

“This case was another example of the government overreaching in insider trading cases,” said Slawson’s attorney. “My client was at the end of a chain of information, and he had no idea that other people in the beginning of the chain were stealing confidential information. Luckily, the jury understood this and acquitted him of all counts, avoiding a wrongful conviction of an innocent man.”

Prosecutors from Atlanta’s U.S. Attorney’s Office had accused Slawson of using information on Carter’s financial results in trades for more than five years.

Two ex-Carter’s executives were convicted of insider trading and sentenced to terms in federal prison and ordered to pay more than $1.7 million in related cases.

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