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Securities regulation: cases and analysis

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Bibliographic Details
Main Authors:	Choi, Stephen J. 1966- (Author), Pritchard, Adam C. 1965- (Author)
Format:	Book
Language:	English
Published:	New York, NY Foundation Press [u.a.] 2012
Edition:	3. ed.
Series:	University casebook series
Links:	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
Physical Description:	XXX, 842 S.
ISBN:	9781599419237

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MARC


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Record in the Search Index

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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 APPARATUSCONTINUED 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 % OTE8 :::::::::;::;:::;; %. :::::::::;::;:::;; 244 QUESTIONS 244 TABLE OF CONTENTS XVII III. ELEMENTS OF THE CAUSE OF ACTIONCONTINUED 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. FORWARDLOOKING 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 RULESCONTINUED 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 LIABILITYCONTINUED 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 DCONTINUED 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 PROXIESCONTINUED 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 AGENCIESCONTINUED 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 PROCEEDINGSCONTINUED 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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author_facet	Choi, Stephen J. 1966- Pritchard, Adam C. 1965-
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indexdate	2024-12-20T16:28:28Z
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isbn	9781599419237
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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
url	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
work_keys_str_mv	AT choistephenj securitiesregulationcasesandanalysis AT pritchardadamc securitiesregulationcasesandanalysis

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