Question: The managements of Combustion Engineering Inc CEI and Basic Inc
The managements of Combustion Engineering, Inc. (CEI), and Basic, Inc., entered negotiations regarding CEI's acquiring Basic. Despite the secrecy of the merger negotiations, there were repeated instances of abnormal trading in Basic's shares, with trading volume rising from 7,000 per day to 29,000. Basic issued a public statement that "the company knew no reason for the stock's activity and that no negotiations were under way with any company for a merger." Did Basic's statement violate Securities Exchange Act Rule 10b-5?
Answer to relevant Questions. Plumbers & Steamfitters Local 773 Pension Fund sued Canadian Imperial Bank of Commerce and four of its officers on the grounds that they misled investors about CIBC's exposure to fixed-income securities backed by subprime ...Diversified Graphics, Ltd., hired Ernst & Whinney to assist it in obtaining a computer system to fit its data processing needs. DG had a long-standing relationship with E&W and developed great trust and reliance on E&W's ...Norman Cross was the independent auditor for Home-Stakes Production Company, a company that offered investors interests in oil and gas drilling programs. The programs offered investors both income and tax deductions. Cross ...For many years, § 109 of the Federal Credit Union Act provided that "[f]ederal credit union membership shall be limited to groups having a common bond of occupation or association, or to groups within a well-defined ...Patron Aviation, Inc., an aviation company, bought an airplane engine from L&M Aircraft. The engine was assembled and shipped to L&M by Teledyne Industries, Inc. L&M installed the engine in one of Patron's airplanes. The ...
Post your question