Fisher College Yearbook, Articles T

643 (S.D.N.Y. 25 When first notified of the discovery of a large and very valuable copper deposit, mine employees bought stock in the company while keeping the information secret. 1960), cert. for an injunction to private damage actions. Foreign Corrupt Practices Act In 1968, Securities and Exchange Commission v. Texas Gulf Sulphur Co. implicated the employees of a Texas mining company and was the first famous case example of ________. 56-7 (1944); 8 SEC Ann.Rep. 91,317 (N.D.Ill. 78m, to be kept "reasonably current" by periodic and other reports filed with the Commission and the stock exchanges. This is probably an overstatement because by the time of the TGS April 16, 1964 press release, exploration had advanced to a point where an estimate of the extent of the tonnage might have been rather accurately made. Visual estimates by Holyk of the core of K-55-1 indicated an average copper content of 1.15% and an average zinc content of 8.64% over a length of 599 feet. Feb. 8, 1968); Puharich v. Borders Electronics Co., Inc., 1968 Fed.Sec.L.Rep. 1009 (1965) and Arthur Fleischer, Jr., Securities Trading and Corporate Information Practices: The Implications of the Texas Gulf Sulphur Proceeding, 51 Va. L. Rev. [38] In two cases, on motions to dismiss, two courts have permitted 10b-5 actions to continue where defendants were not alleged to be intimately connected with a purchase or sale of securities. [22] Liability under 12(2) of the Securities Act of 1933, 15 U.S.C. 115 (1934). US 11th Circuit Opinions and Cases | FindLaw 275, 11 L.Ed.2d 237 (1963). Contrast such a statement with the April 12, 1964 release so criticized by the Commission. In adjudicating upon the relationship of this phrase to the case before us it would appear that the court below used a standard that does not reflect the congressional purpose that prompted the passage of the Securities Exchange Act of 1934. Kline had known since November 1962 that K-55-1 had been drilled, that the drilling had intersected a sulphide body containing copper and zinc, and that TGS desired to acquire adjacent property. Dasho v. Susquehanna Corp., 380 F.2d 262 (7 Cir. 10, and the Commission wished to make it emphatically clear that the Rule was expected, inter alia, to close this loophole. 1070, 1075, 1076 n.29 (1965), the securities laws should be interpreted as an expansion of the common law[21] both to effectuate the broad remedial design of Congress, see SEC v. Capital Gains Research Bureau, supra, 375 U.S. at 195, 84 S.Ct.