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INRA has opened a preliminary inquiry into trading patterns that preceded the failed acquisition attempt of Douglas Elliman. The regulator’s market‑abuse unit sent two letters to the brokerage, requesting a detailed chronology of events leading up to the May 23 announcement that Anywhere Real Estate’s bid had pushed the company’s shares 50 % higher. The letters, obtained by Reuters and corroborated by three insiders, also asked for board minutes, a roster of individuals who knew of the offer before it was public, records of communications with advisers, the firm’s share‑trading policy, and clearance logs for any transactions in the month before the news.

    FINRA clarified that the investigation is routine and does not imply any wrongdoing. Douglas Elliman responded by noting that on May 7, board member Patrick Bartels obtained approval to purchase $250,000 of the company’s stock, a trade that was cleared and later disclosed in an SEC filing. No other trades were highlighted in the company’s reply. The brokerage, FINRA, and the SEC declined to comment, and Anywhere Real Estate also remained silent.

    The inquiry follows the takeover bid that caused a sharp rally in Elliman’s shares. FINRA, which refers numerous suspected insider‑trading cases to the SEC each year, is examining whether any insider information may have influenced the trades. The outcome of the review is still pending. FINRA will keep the public informed as the investigation progresses. The regulator’s findings will be released once the review concludes.