Walter Piecyk, a broker and analyst with securities firm Fulcrum Global Partners, heard a rumor that Nokia Corp., the largest customer of RF Micro Devices Inc., was going to delay equipment orders from RF Micro. After short-selling RF Micro stock, Piecyk spread the rumor, which was highly sensational. RF Micro's stock fell 5 percent that day. The next day, when RF Micro publicly denied the rumor (which was completely false), the stock fell another 8 percent, apparently because the market believed the rumor, not RF Micro. The market price continued to fall, as the rumor persisted, and Piecyk eventually covered his short sale, making a profit of about $8,000. RF Micro asked the NASD to take disciplinary action against Piecyk on the grounds that he had not adequately investigated whether there was a reasonable basis for the rumor. Did the NASD discipline Piecyk?
Answer to relevant QuestionsTitle X of the Public Health Service Act provides federal funding for family-planning services. Section 1008 of the statute specifies that none of the federal funds provided under Title X are to be "used in programs where ...Scott Armstrong submitted a Freedom of Information Act (FOIA) request that, among other things, called for the federal government to reveal a list of names of lower-level FBI agents who attended certain meetings at the White ...Pantron I Corp. sold a shampoo and conditioner known as the Helsinki Formula. Pantron promoted the Helsinki Formula as an aid in fighting male pattern baldness. According to Pantron, polysorbate was the main ingredient that ...The Fair Debt Collection Practices Act (FDCPA) prohibits a creditor from giving a debtor the false impression that a third party is involved in efforts to collect the debt owed to the creditor. North Shore Agency, Inc., is a ...Martindale Empowerment, a Virginia corporation, engaged in the business of providing commercial electronic-mail service to advertisers. Martindale regularly sent electronic advertising over the Internet in the form of e-mail ...
Post your question