[DOWNLOAD] "Securities and Exchange Commission v. Bausch & Lomb Incorporated and Daniel G. Schuman" by United States Court of Appeals for the Second Circuit " Book PDF Kindle ePub Free
eBook details
- Title: Securities and Exchange Commission v. Bausch & Lomb Incorporated and Daniel G. Schuman
- Author : United States Court of Appeals for the Second Circuit
- Release Date : January 30, 1977
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 91 KB
Description
Many a corporate executive, conscious of the antifraud provisions of the Securities Acts, may analogize an encounter with a financial analyst to a fencing match conducted on a tightrope; he is compelled to parry often incisive questioning while teetering on the fine line between data properly conveyed and material inside information that may not be revealed without simultaneously disclosing it to the public. Exhorted by the Securities and Exchange Commission and the various stock exchanges to divulge tidbits of nonpublic, "non-material" information, which may assume heightened significance when woven by the skilled analyst into the matrix of knowledge obtained elsewhere, the corporate representative will incur severe consequences if he discusses areas which are later deemed material. But, since the importance of a particular piece of information depends on the context in which it is given, materiality has become one of the most unpredictable and elusive concepts of the federal securities laws. The SEC itself has despaired of providing written guidelines to advise wary corporate management of the distinctions between material and non-material information, and instead has chosen to rely on an after-the-fact, case-by-case approach, seeking injunctive relief when it believes that the appropriate boundaries have been breached.