Securities regulation cases and analysis
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| 100 | 1 | |a Choi, Stephen J. |d 1966- |e Verfasser |0 (DE-588)171378709 |4 aut | |
| 245 | 1 | 0 | |a Securities regulation |b cases and analysis |c by Stephen J. Choi ; A.C. Pritchard |
| 250 | |a 3. ed. | ||
| 264 | 1 | |a New York, NY |b Foundation Press [u.a.] |c 2012 | |
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| 700 | 1 | |a Pritchard, Adam C. |d 1965- |e Verfasser |0 (DE-588)173818242 |4 aut | |
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| adam_text | TABLE OF CONTENTS
PREFACE - - * * * V
TABLE OF CASES -- * .* XXVII
CHAPTER 1. INTRODUCTION TO THE SECURITIES MARKETS AND
SECURITIES REGULATION * 1
MOTIVATING HYPOTHETICAL - 1
I. THE BASICS - *- 1
II. TYPES OF SECURITIES* * 2
A. COMMON STOCK * - *- 3
B. PREFERRED STOCK*- - - - 5
C. BONDS - - * *. 8
III. THE CAPITAL MARKET * *- 9
A. PRIMARY MARKET TRANSACTIONS * 10
B. SECONDARY MARKET TRANSACTIONS * 12
1. TRADITIONAL SECURITIES EXCHANGES - 13
2. THE NASDAQ MARKET*- - * 14
3. ELECTRONIC COMMUNICATION NETWORKS - 16
IV. INVESTMENT DECISIONS-- - - - 17
A. PRESENT DISCOUNT VALUATION *- - 18
1. INTEREST * *- - *. 18
2. PRESENT VALUE - *- * 18
HYPOTHETICAL ONE 19
B. WHAT RISKS MATTER * 20
V. WHO PROVIDES INFORMATION TO INVESTORS? - 22
A. THE INCENTIVE TO PROVIDE INFORMATION - - 23
B. THE ARGUMENT FOR MANDATORY DISCLOSURE - - 26
1. COORDINATION PROBLEMS * 27
2. AGENCY COSTS * - 27
3. POSITIVE EXTERNALITIES * - 28
4. DUPLICATIVE RESEARCH - - 29
5. COSTS OF MANDATORY DISCLOSURE--- 30
C. HOW DOES DISCLOSURE MATTER? - - 31
1. FILTERING MECHANISMS - 31
2. THE EFFICIENT CAPITAL MARKET HYPOTHESIS- * 32
A. WEAK ECMH 32
B. SEMI-STRONG ECMH - - * 33
C. STRONG ECMH* - 34
D. IMPLICATIONS OF ECMH - 34
VI. THE REGULATORY APPARATUS - * 36
A. THE FEDERAL SECURITIES LAWS * - - 36
1. SECURITIES EXCHANGE ACT OF 1934 * 37
2. SECURITIES ACT OF 1933 38
3. INVESTMENT COMPANY ACT OF 1940 AND INVESTMENT ADVIS-
ERS ACT OF 1940 - - *- 39
XM
XIV TABLE OF CONTENTS
VI. THE REGULATORY APPARATUS*CONTINUED
4. TRUST INDENTURE ACT OF 1939 39
5. WILLIAMS ACT OF 1968 39
6. SARBANES-OXLEYACTOF2002 40
B. THE FINANCIAL CRISIS AND THE DODD-FRANK ACT 41
C. THE SECURITIES AND EXCHANGE COMMISSION 43
D. SELF-REGULATORY ORGANIZATIONS 45
CHAPTER 2. MATERIALITY 48
MOTIVATING HYPOTHETICAL 48
I. WHAT MATTERS TO INVESTORS? 48
II. FORWARD-LOOKING INFORMATION * 50
BASIC INC. V. LEVINSON 50
NOTES 57
QUESTIONS 57
HYPOTHETICAL ONE 58
III. OBJECTIVE TESTS OF MATERIALITY 58
SEC STAFF ACCOUNTING BULLETIN NO. 99 59
LITWIN V. BLACKSTONE GROUP, L.P 60
QUESTIONS - 65
HYPOTHETICAL TWO - 65
IN RE MERCK & CO., INC. SECURITIES LITIGATION - ~~ 66
QUESTIONS 70
MATRIXX INITIATIVES, INC. V. SIRACUSANO 72
QUESTIONS 78
HYPOTHETICAL THREE 78
IV. THE TOTAL MIX 78
LONGMAN V. FOOD LION, INC 79
NOTES 86
QUESTIONS 86
HYPOTHETICAL FOUR 87
V. MANAGEMENT INTEGRITY 87
IN THE MATTER OF FRANCHARD CORPORATION--- 88
NOTES 95
QUESTIONS 95
HYPOTHETICAL FIVE 96
QUESTIONS 98
HYPOTHETICAL SIX 98
CHAPTER 3. THE DEFINITION OF A SECURITY * 99
MOTIVATING HYPOTHETICAL 99
I. DO THE SECURITIES LAWS APPLY? 99
HYPOTHETICAL ONE 102
II. INVESTMENT CONTRACT 102
SEC V. W. J. HOWEY CO 102
NOTES 106
QUESTIONS 106
HYPOTHETICAL TWO 106
TABLE OF CONTENTS XV
II. INVESTMENT CONTRACT *CONTINUED
A. A PERSON INVESTS HIS MONEY 107
INTERNATIONAL BROTHERHOOD OF TEAMSTERS V. DANIEL 107
NOTES 111
QUESTIONS - 111
HYPOTHETICAL THREE 112
B. [I]N A COMMON ENTERPRISE 112
SEC V. SG LTD 112
QUESTIONS - 119
HYPOTHETICAL FOUR - 120
C. [I]S LED TO EXPECT PROFITS 120
UNITED HOUSING FOUNDATION, INC. V. FORMAN 120
NOTES- 126
QUESTIONS 127
SEC V. EDWARDS - 127
QUESTIONS 130
WARFIELD V. ALANIZ 130
QUESTIONS 134
HYPOTHETICAL FIVE*- 135
D. [SJOLELY FROM THE EFFORTS OF THE PROMOTER OR A THIRD PARTY 135
SEC V. MERCHANT CAPITAL, LLC - 136
QUESTIONS 143
SEC V. MUTUAL BENEFITS CORP 143
QUESTIONS -- * 147
NOTES-* 147
HYPOTHETICAL SIX - - 148
III. STOCK 148
LANDRETH TIMBER COMPANY V. LANDRETH 148
NOTES 153
QUESTIONS _ 153
HYPOTHETICAL SEVEN 154
IV. NOTE 154
REVES V. ERNST & YOUNG 154
NOTES - - 163
QUESTIONS 163
HYPOTHETICAL EIGHT 163
V. SECURITIZATION 164
CHAPTER 4. DISCLOSURE AND ACCURACY *- 168
MOTIVATING HYPOTHETICAL * - 168
I. MANDATORY DISCLOSURE AND ACCURACY * 168
II. WHAT IS A PUBLIC COMPANY? * 170
A. PUBLIC COMPANY STATUS 170
B. ESCAPING PUBLIC COMPANY STATUS 172
C. TRADING IN THE STOCK OF PRIVATE COMPANIES 173
HYPOTHETICAL ONE * *- * 175
III. WHEN MUST A PUBLIC COMPANY DISCLOSE? 176
A. FORM 8-K *- - 176
IN THE MATTER OF HEWLETT-PACKARD COMPANY 180
QUESTIONS - * - 183
HYPOTHETICAL TWO *- - - 183
XVI TABLE OF CONTENTS
III. WHEN MUST A PUBLIC COMPANY DISCLOSE?*CONTINUED
B. FORMS 10-K AND 10-Q 183
NOTES 186
HYPOTHETICAL THREE 186
C. EXECUTIVE COMPENSATION 187
IV. ACCURACY OF DISCLOSURE 188
A. BOOKS AND RECORDS 188
IN THE MATTER OF OIL STATES INTERNATIONAL, INC. 189
NOTES 192
QUESTIONS 193
B. BACKDATING OF EMPLOYEE STOCK OPTIONS 193
SEC V. BROCADE COMMUNICATIONS SYSTEMS, INC 195
NOTES 196
QUESTIONS 196
HYPOTHETICAL FOUR 196
V. THE PROBLEM OF SELECTIVE DISCLOSURE 197
SEC V. SIEBEL SYSTEMS, INC 198
QUESTIONS 205
HYPOTHETICAL FIVE 206
CHAPTER 5. RULE 10B-5 ANTIFRAUD 207
MOTIVATING HYPOTHETICAL 207
I. THE ECONOMICS OF SECURITIES FRAUD AND PRIVATE RIGHTS OF ACTION - 207
A. THE RULE 10B-5 PRIVATE CAUSE OF ACTION 209
1. GENESIS ___. 209
2. OVERLAP WITH OTHER CAUSES OF ACTION 210
3. SECTION 9 OF THE EXCHANGE ACT 211
4. OVERLAP WITH STATE LAW CAUSES OF ACTION 212
B. THE CLASS ACTION MECHANISM 212
HYPOTHETICAL ONE 213
C. SORTING THE GOOD FROM THE BAD ___. 213
QUESTIONS 215
II. WHO CAN SUE UNDER RULE 10B-5? -._. ~.~~._~.~~~~~ 215
A. THE IN CONNECTION WITH REQUIREMENT 215
BLUE CHIP STAMPS, ET AL. V. MANOR DRUG STORES 216
NOTES 221
QUESTIONS 221
HYPOTHETICAL TWO 221
SEC V. ZANDFORD 222
NOTES. Z:; Z;Z:;; 225
QUESTIONS 225
HYPOTHETICAL THREE ~~~ 226
B. THE LEAD PLAINTIFF IN A CLASS ACTION 226
IN RE CENDANT CORP. LITIGATION . 226
NOTES -- OOV
QUESTIONS 93S
III. ELEMENTS OF THE CAUSE OF ACTION 239
A. MISSTATEMENT OF A MATERIAL FACT ___. . _] . 239
1. DECEPTION 239
SANTA FE INDUSTRIES, INC. V. GREEN 240
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:::::::::;::;:::;;
%. :::::::::;::;:::;; 244
QUESTIONS 244
TABLE OF CONTENTS
XVII
III. ELEMENTS OF THE CAUSE OF ACTION*CONTINUED
2. FACTS VERSUS OPINIONS 244
VIRGINIA BANKSHARES, INC. V. SANDBERG 244
NOTES- 247
QUESTIONS - 247
HYPOTHETICAL FOUR 248
3. THE DUTY TO UPDATE AND THE DUTY TO CORRECT 248
GALLAGHER V. ABBOTT LABORATORIES 248
NOTES *- 251
QUESTIONS 251
4. FORWARD*LOOKING STATEMENTS 251
ASHER V. BAXTER INTERNATIONAL INC. 252
NOTES 258
QUESTIONS * 259
HYPOTHETICAL FIVE 259
B. SCIENTER 259
ERNST & ERNST V. HOCHFELDER - 259
QUESTIONS 263
HYPOTHETICAL SIX *- 263
TELLABS, INC. V. MAKOR ISSUES & RIGHTS, LTD. 264
NOTES* - - - 269
QUESTIONS ~ 271
HYPOTHETICAL SEVEN 271
C. RELIANCE 272
AFFILIATED UTE CITIZENS OF UTAH V. UNITED STATES 272
QUESTIONS -- 275
BASIC INC. V. LEVINSON ._ 275
NOTES 281
QUESTIONS 282
HYPOTHETICAL EIGHT .* 283
D. LOSS CAUSATION 283
DURA PHARMACEUTICALS, INC. V. BROUDO 283
NOTES- -* 287
QUESTIONS- * 288
ERICA P. JOHN FUND, INC. V. HALLIBURTON CO.* 289
QUESTIONS 293
IV. RULE 10B-5 DEFENDANTS 293
A. SECONDARY LIABILITY - * - 293
STONERIDGE INVESTMENT PARTNERS, LLC V. SCIENTIFIC-ATLANTA,
INC 295
NOTES - 304
QUESTIONS - - 304
JANUS CAPITAL GROUP, INC. V. FIRST DERIVATIVE TRADERS 305
QUESTIONS * 312
HYPOTHETICAL NINE - 312
B. CONTROL PERSON LIABILITY *- 313
LUSTGRAAF V. BEHRENS* 314
NOTES - - 317
QUESTIONS - 318
XVIII
TABLE OF CONTENTS
V. DAMAGES 318
A. OPEN MARKET DAMAGES 318
HYPOTHETICAL TEN 320
B. FACE-TO-FACE DAMAGES 320
GARNATZ V. STIFEL, NICOLAUS & CO., INC. 321
NOTES- 323
QUESTIONS 324
C. PROPORTIONATE LIABILITY 324
NOTES 324
HYPOTHETICAL ELEVEN 325
VI. TRANSNATIONAL SECURITIES FRAUD 325
MORRISON V. NATIONAL AUSTRALIA BANK LTD 327
NOTES 334
QUESTIONS 335
CHAPTER 6. INSIDER TRADING 336
MOTIVATING HYPOTHETICAL 336
I. ECONOMICS OF INSIDER TRADING 336
II. INSIDER TRADING AT COMMON LAW--- 338
STRONG V. REPIDE 339
NOTES 341
QUESTIONS 342
HYPOTHETICAL ONE 342
III. RULE 10B-5 AND THE CLASSICAL THEORY OF INSIDER TRADING 343
A. CORE INSIDERS 344
CHIARELLA V. UNITED STATES- 345
NOTES 349
QUESTIONS 350
HYPOTHETICAL TWO 351
B. TIPPER/TIPPEE LIABILITY- 351
DIRKS V. SEC 352
NOTES * 358
QUESTIONS _ 359
HYPOTHETICAL THREE 359
IV. THE MISAPPROPRIATION THEORY... 360
UNITED STATES V. O HAGAN 362
NOTES 368
QUESTIONS 369
SEC V. ROCKLAGE 370
QUESTIONS . 375
SEC V. CUBAN . ___. 376
QUESTIONS 379
HYPOTHETICAL FOUR 379
HYPOTHETICAL FIVE 3GL
SEC V. DOROZHKO 382
QUESTIONS 3G5
V. SECTION 16 335
A. SECTION 16 AND EMPLOYEE COMPENSATION 386
B. SPECIAL ISSUES WITH LARGE BLOCK SHAREHOLDERS 387
QUESTION 3GG
C. CALCULATING SECTION 16(B) DAMAGES 3G9
QUESTION 3 JQ
TABLE OF CONTENTS SAX
CHAPTER 7. PUBLIC OFFERINGS- 391
MOTIVATING HYPOTHETICAL 391
I. ECONOMICS OF PUBLIC OFFERINGS 391
A. A BRIEF DESCRIPTION OF THE PUBLIC OFFERING PROCESS 393
1. DIFFERENT TYPES OF OFFERINGS-- 394
2. THE UNDERWRITERS 396
3. THE UNDERWRITING PROCESS - 397
4. UNDERPRICING 398
5. CAPITAL STRUCTURE - 399
B. PUBLIC OFFERING DISCLOSURE 402
1. PLAIN ENGLISH DISCLOSURES- 404
II. THE GUN-^JUMPING RULES - 404
SECURITIES OFFERING REFORM 405
A. PRE-FILING PERIOD - 410
1. WHAT IS AN OFFER - 410
SECURITIES ACT RELEASE NO. 3844 * - 412
SECURITIES ACT RELEASE NO. 5180 - 414
NOTES 416
QUESTIONS 417
HYPOTHETICAL ONE - 419
2. PUTTING TOGETHER THE OFFERING 419
HYPOTHETICAL TWO - 420
HYPOTHETICAL THREE *- * 421
B. WAITING PERIOD - 421
1. GAUGING MARKET SENTIMENT -* 422
A. THE PRELIMINARY PROSPECTUS 423
B. THE FREE WRITING PROSPECTUS - 424
C. THE ROADSHOW AND OTHER ORAL OFFERS - * 424
D. REGULARLY RELEASED INFORMATION IN THE ORDINARY
COURSE OF BUSINESS - 424
E. TOMBSTONE ADVERTISEMENTS.- - *- 424
F. SOLICITATIONS OF INTEREST 426
HYPOTHETICAL FOUR - * 426
2. FREE WRITING PROSPECTUSES -* 427
A. DEFINITION OF A FREE WRITING PROSPECTUS* 427
B. ISSUER REQUIREMENTS* - 428
C. DISCLOSURE, FILING AND RETENTION REQUIREMENTS 429
D. ANTIFRAUD LIABILITY AND REGULATION FD IMPLICATIONS 431
HYPOTHETICAL FIVE - 431
NOTES 432
3. THE PROCESS OF GOING EFFECTIVE -* 433
4. ANALYSTS 435
HYPOTHETICAL SIX*- - - *- 438
C. POST-EFFECTIVE PERIOD - 439
1. FORMS OF THE FINAL PROSPECTUS - - - 440
2. TRADITIONAL FREE WRITING - 442
3. PROSPECTUS DELIVERY REQUIREMENT - - - 443
XX TABLE OF CONTENTS
II. THE GUN-JUMPING RULES*CONTINUED
A. THE TRADITIONAL DELIVERY REQUIREMENT.* 443
B. PROSPECTUS DELIVERY PERIOD 444
C. ACCESS EQUALS DELIVERY 445
HYPOTHETICAL SEVEN 447
4. UPDATING THE PROSPECTUS AND REGISTRATION STATEMENT 448
A. UPDATING THE PROSPECTUS 448
B. UPDATING THE REGISTRATION STATEMENT 450
HYPOTHETICAL EIGHT 451
III. PUBLIC OFFERING TRADING PRACTICES 451
A. IPO ALLOCATIONS - 452
B. MARKET MANIPULATION 454
HYPOTHETICAL NINE 456
C. STABILIZATION * 456
HYPOTHETICAL TEN - 457
IV. SHELF REGISTRATION 457
A. AUTOMATIC SHELF REGISTRATION 461
B. THE BASE PROSPECTUS 462
NOTES ..- 464
HYPOTHETICAL ELEVEN 465
CHAPTER 8. CIVIL LIABILITY UNDER THE SECURITIES ACT 467
MOTIVATING HYPOTHETICAL 467
I. PUBLIC OFFERINGS, UNCERTAINTY AND INFORMATION ASYMMETRY 467
II. SECTION 11 LIABILITY 468
A. STANDING 468
KRIM V. PCORDER.COM, INC 469
QUESTIONS 475
HYPOTHETICAL ONE 476
B. STATUTORY DEFENDANTS 476
HYPOTHETICAL TWO 477
QUESTIONS 477
C. ELEMENTS OF THE CAUSE OF ACTION 477
HYPOTHETICAL THREE 479
D. DEFENSES .... 479
1. DUE DILIGENCE DEFENSE 480
ESCOTT V. BARCHRIS CONSTRUCTION CORP 481
NOTES 491
QUESTIONS 491
2. DUE DILIGENCE AND UNDERWRITERS 491
IN RE WORLDCOM, INC. SECURITIES LITIGATION 492
QUESTIONS 502
HYPOTHETICAL FOUR 503
E. DAMAGES 594
1. MEASURING § 11 DAMAGES 504
BEECHER V. ABLE 505
NOTES- !.!. .!. !!!!!!!!! 508
QUESTIONS 50G
HYPOTHETICAL FIVE 599
TABLE OF CONTENTS XXI
II. SECTION 11 LIABILITY*CONTINUED
2. INDEMNIFICATION, CONTRIBUTION, AND JOINT AND SEVERAL LIA-
BILITY * * 509
EICHENHOLTZ V. BRENNAN - * 509
QUESTIONS 512
HYPOTHETICAL SIX * * 512
III. SECTION 12(A)(L) *. * * 513
A. STANDING AND DEFENDANTS _.._ 513
PINTER V. DAHL - * 513
NOTES * * 518
QUESTIONS * 518
HYPOTHETICAL SEVEN * 518
B. ELEMENTS OF THE CAUSE OF ACTION * 519
C. DAMAGES AND DEFENSES 519
HYPOTHETICAL EIGHT 520
IV. SECTION 12(A)(2) LIABILITY * * - 520
A. THE SCOPE OF § 12(A)(2). * 521
GUSTAFSON V. ALLOYD CO., INC * 522
QUESTIONS 528
B. IMPLICATIONS OF GUSTAFSON- * * 528
FEINER V. SS & C TECHNOLOGIES, INC 529
NOTES * - *- 532
C. ELEMENTS OF THE CAUSE OF ACTION 532
HYPOTHETICAL NINE - * * *. 533
D. DEFENSES * - * 533
QUESTIONS * * * - 534
E. DAMAGES AND LOSS CAUSATION 534
MILLER V. THANE INTERNATIONAL, INC - 534
QUESTIONS ~ - - 537
HYPOTHETICAL TEN 537
CHAPTER 9. EXEMPT OFFERINGS- * 539
MOTIVATING HYPOTHETICAL ~- * *. 539
I. INTRODUCTION - - *. 539
II. SECTION 4(2) OFFERINGS - * 541
SEC V. RALSTON PURINA CO.* - 541
QUESTIONS * 543
DORAN V. PETROLEUM MANAGEMENT CORP. 543
QUESTIONS - - * 549
HYPOTHETICAL ONE-- 549
III. REGULATION D. * 550
A. AGGREGATE OFFERING PRICE - * 551
HYPOTHETICAL TWO - 552
B. PURCHASERS - - 552
HYPOTHETICAL THREE - 555
HYPOTHETICAL FOUR 557
C. GENERAL SOLICITATION - *. 557
IN THE MATTER OF KENMAN CORP *- * 558
QUESTIONS - 561
HYPOTHETICAL FIVE 564
D. DISCLOSURE - - - - 564
HYPOTHETICAL SIX * - - 567
XXII
TABLE OF CONTENTS
III. REGULATION D*CONTINUED
E. RESALE RESTRICTIONS * 567
HYPOTHETICAL SEVEN - 568
F. INTEGRATION - 568
HYPOTHETICAL EIGHT 570
G. INNOCENT AND INSIGNIFICANT MISTAKES* 570
HYPOTHETICAL NINE 572
H. DISQUALIFICATION 572
HYPOTHETICAL TEN ~ - 575
I. OTHER ASPECTS OF REGULATION D 575
1. STATE SECURITIES REGULATION--- 575
2. RULE 504 576
3. FORM D 577
4. EXCHANGE ACT FILING 577
J. THE PRIVATE PLACEMENT PROCESS * - * 578
IV. REGULATION A 579
A. TEST THE WATERS - 580
HYPOTHETICAL ELEVEN 582
B. INTERNET OFFERINGS - 582
V. INTRASTATE OFFERINGS--- - ---- 583
A. SECTION 3(A)(LL) OFFERINGS - 583
SECURITIES ACT RELEASE NO. 4434 584
BUSCH V. CARPENTER 586
QUESTIONS ... - - - --- 591
HYPOTHETICAL TWELVE 591
B. RULE 147 - .-. 592
EXCHANGE ACT RELEASE NO. 5450 592
HYPOTHETICAL THIRTEEN - 598
VI. REGULATION S- - 598
A. BASIC REGULATION S REQUIREMENTS 599
1. OFFSHORE TRANSACTION 600
HYPOTHETICAL FOURTEEN, 601
2. NO DIRECTED SELLING EFFORTS*- 602
HYPOTHETICAL FIFTEEN- 603
B. CATEGORIES OF REGULATION S OFFERINGS 603
1. CATEGORY 1 (RULE 903(B)(D) 603
HYPOTHETICAL SIXTEEN 604
2. CATEGORY 2 OFFERINGS (RULE 903(B)(2)) 605
HYPOTHETICAL SEVENTEEN- 607
3. CATEGORY 3 OFFERINGS (RULE 903(B)(3)) 607
HYPOTHETICAL EIGHTEEN 609
C. INTEGRATION 609
D. RESALES 610
E. GLOBAL REGULATION S OFFERINGS _ 612
CHAPTER 10. SECONDARY MARKET TRANSACTIONS 614
MOTIVATING HYPOTHETICAL 614
I. INTRODUCTION 614
TABLE OF CONTENTS
XXIII
II. WHO IS AN UNDERWRITER? *- 616
GILLIGAN, WILL & CO. V. SEC 618
NOTES 620
QUESTIONS 620
HYPOTHETICAL ONE -~ 621
SEC V. CHINESE CONSOLIDATED BENEVOLENT ASS N, INC. 622
QUESTIONS -- 624
III. CONTROL PERSONS RESALES - 625
A. UNDERWRITERS FOR CONTROL PERSONS - 626
HYPOTHETICAL TWO 626
UNITED STATES V. WOLFSON 627
QUESTIONS 628
B. SECTION 4(1 16) EXEMPTION 629
HYPOTHETICAL THREE *- 631
IV. RULE 144 631
A. HOLDING PERIOD FOR RESTRICTED SECURITIES - 633
B. CURRENT PUBLIC INFORMATION --- 635
1. APPLICABILITY- *- 635
2. INFORMATION REQUIRED - - 635
HYPOTHETICAL FOUR 637
C. ADDITIONAL REQUIREMENTS FOR AFFILIATE RESALES 638
1. LIMITATION ON AMOUNT OF SECURITIES SOLD - 639
HYPOTHETICAL FIVE 640
2. MANNER OF SALE 640
HYPOTHETICAL SIX 641
3. NOTICE OF PROPOSED SALE 642
D. OTHER CONSIDERATIONS 642
E. IMPLICATIONS--- 642
V. RULE 144A 643
A. OFFERS AND SALES TO A QUALIFIED INSTITUTIONAL BUYER 644
B. PURCHASER AWARENESS OF EXEMPTION - 645
C. FUNGIBILITY- *- - 645
D. DISCLOSURE *- 646
HYPOTHETICAL SEVEN 647
E. RESALES 647
HYPOTHETICAL EIGHT 649
F. RULE 144A AND REGISTRATION UNDER THE SECURITIES ACT 650
CHAPTER 11. FEDERAL REGULATION OF SHAREHOLDER VOTING-- 652
MOTIVATING HYPOTHETICAL * 652
I. INTRODUCTION 652
II. SOLICITATION OF PROXIES 654
A. WHAT IS A SOLICITATION ? - 655
HYPOTHETICAL ONE 657
B. PROXY DISCLOSURE * 657
1. DISCLOSURE AND FILING REQUIREMENTS 658
2. TESTING THE WATERS-* * 660
HYPOTHETICAL TWO * * 662
XXIV
TABLE OF CONTENTS
II. SOLICITATION OF PROXIES*CONTINUED
C. RULE 14A-9 ANTIFRAUD LIABILITY 662
J.I. CASE CO. V. BORAK- 663
QUESTIONS 665
MILLS V. ELECTRIC AUTO-LITE CO 666
NOTES - 670
QUESTIONS 670
D. MANAGING THE COSTS OF PROXY SOLICITATIONS 670
HYPOTHETICAL THREE * 671
1. COMMUNICATING WITH SHAREHOLDERS * 671
2. MANAGEMENT DEFENSIVE TACTICS 674
3. REIMBURSEMENT OF EXPENSES *- 675
III. SHAREHOLDER DEMOCRACY * * 676
A. SHAREHOLDER ISSUE PROPOSALS - - 677
1. ELIGIBILITY AND PROCEDURAL REQUIREMENTS 678
2. SUBSTANTIVE EXCLUSIONS 679
HYPOTHETICAL FOUR 681
LOVENHEIM V. IROQUOIS BRANDS LTD 682
QUESTIONS --- 685
APACHE CORP. V. NEW YORK CITY EMPLOYEES RETIREMENT
SYSTEM 686
QUESTIONS - 690
HYPOTHETICAL FIVE 690
B. SEC AUTHORITY OVER SHAREHOLDER VOTING * 691
1. PROXY ACCESS 691
BUSINESS ROUNDTABLE V. SEC 692
NOTES 699
QUESTIONS 699
2. SAY ON PAY 700
QUESTIONS 701
CHAPTER 12. GATEKEEPERS - - 702
MOTIVATING HYPOTHETICAL 702
I. GATEKEEPING * 702
II. OUTSIDE DIRECTORS 704
IN THE MATTER OF W. R. GRACE & CO * 706
QUESTIONS - - .._ 713
HYPOTHETICAL ONE--- __. 713
III. THE INDEPENDENT AUDITOR _. 714
HYPOTHETICAL TWO 717
IV. THE ROLE OF LAWYERS IN ENFORCING THE SECURITIES LAWS 717
QUESTIONS 718
HYPOTHETICAL THREE _.__ 719
PACIFIC INV. MANAGEMENT CO. LLC V. MAYER BROWN LLP 719
QUESTIONS 724
V. CREDIT RATING AGENCIES 724
SECURITIES FRAUD LIABILITY OF SECONDARY ACTORS, GAO-11-664 725
1. LIABILITY 726
IN RE LEHMAN BROTHERS MORTGAGE-BACKED SECURITIES LITI-
GATION _.._ 726
NOTES 733
QUESTIONS 733
TABLE OF CONTENTS XXV
V. CREDIT RATING AGENCIES*CONTINUED
2. REGULATION OF CREDIT RATING AGENCIES 734
QUESTIONS 734
VI. WHISTLEBLOWERS 734
WIEST V. LYNCH 735
QUESTIONS---- *- 740
HYPOTHETICAL FOUR 741
CHAPTER 13. PUBLIC ENFORCEMENT 743
MOTIVATING HYPOTHETICAL - 743
I. SEC ENFORCEMENT *- *- * - 743
II. SCOPE OF SEC ENFORCEMENT * 744
IN RE WASHINGTON PUBLIC POWER SUPPLY SYSTEM SECURITIES LITIGA-
TION * * *- *- 746
QUESTIONS * -~ 748
III. SEC INVESTIGATIONS- 749
A. INVESTIGATIONS AND STRATEGY * 749
REPORT OF INVESTIGATION PURSUANT TO SECTION 21 (A) OF THE
SECURITIES EXCHANGE ACT OF 1934 AND COMMISSION STATE-
MENT ON THE RELATIONSHIP OF COOPERATION TO AGENCY EN-
FORCEMENT DECISIONS ~- * .-. -~ 750
QUESTIONS - *- -- 753
LUCENT SETTLES SEC ENFORCEMENT ACTION CHARGING THE COM-
PANY WITH $1.1 BILLION ACCOUNTING FRAUD *- 753
QUESTIONS *- 755
HYPOTHETICAL ONE *- * *- 755
B. FORMAL INVESTIGATIONS AND SUBPOENAS *- 755
RNR ENTERPRISES, INC. V. SEC *- 756
QUESTIONS 759
SEC V. DRESSER INDUSTRIES, INC 760
NOTES * * 767
QUESTIONS - * *- *- 767
HYPOTHETICAL TWO *- - 768
IV. ENFORCEMENT PROCEEDINGS-- * *- 768
A. ADMINISTRATIVE PROCEEDINGS--- 770
1. SECTION 21C 770
QUESTIONS 771
2. SECTION 15(C)(4) 772
QUESTIONS- 772
3. SECTION 21(A) 772
4. SECTIONS 12(J) & 12(K) 773
B. JUDICIAL REVIEW OF ADMINISTRATIVE REMEDIES 774
KPMG, LLP V. SEC 775
QUESTIONS 782
HYPOTHETICAL THREE-- 782
C. JUDICIAL REMEDIES * 782
1. INJUNCTIONS-- - - 783
AARON V. SEC - - 783
NOTES* - - 786
QUESTIONS- - *- 786
XXVI
TABLE OF CONTENTS
IV. ENFORCEMENT PROCEEDINGS*CONTINUED
2. OTHER CIVIL REMEDIES. - *- 787
SEC V. SARGENT -- 787
QUESTIONS- * - - 790
SEC V. FIRST PAC. BANCORP 791
NOTES - - - 794
QUESTIONS *- 795
OFFICIAL COMMITTEE OF UNSECURED CREDITORS OF WORLDCOM,
INC. V. SEC- * - 795
QUESTIONS 799
HYPOTHETICAL FOUR 799
D. CRIMINAL ENFORCEMENT ~~ 799
UNITED STATES V. TARALLO 800
NOTES - * 806
QUESTIONS 807
INDEX * 809
|
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| author | Choi, Stephen J. 1966- Pritchard, Adam C. 1965- |
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| illustrated | Not Illustrated |
| indexdate | 2024-07-10T00:36:36Z |
| institution | BVB |
| isbn | 9781599419237 |
| language | English |
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| spelling | Choi, Stephen J. 1966- Verfasser (DE-588)171378709 aut Securities regulation cases and analysis by Stephen J. Choi ; A.C. Pritchard 3. ed. New York, NY Foundation Press [u.a.] 2012 XXX, 842 S. txt rdacontent n rdamedia nc rdacarrier University casebook series Pritchard, Adam C. 1965- Verfasser (DE-588)173818242 aut SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=025953522&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Choi, Stephen J. 1966- Pritchard, Adam C. 1965- Securities regulation cases and analysis |
| title | Securities regulation cases and analysis |
| title_auth | Securities regulation cases and analysis |
| title_exact_search | Securities regulation cases and analysis |
| title_full | Securities regulation cases and analysis by Stephen J. Choi ; A.C. Pritchard |
| title_fullStr | Securities regulation cases and analysis by Stephen J. Choi ; A.C. Pritchard |
| title_full_unstemmed | Securities regulation cases and analysis by Stephen J. Choi ; A.C. Pritchard |
| title_short | Securities regulation |
| title_sort | securities regulation cases and analysis |
| title_sub | cases and analysis |
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