exam answer:
have to give the facts, spot the issues, give the rules, give the analysis, then give the conclusion.
have to hit every element.
O'Hagen: the WSJ can trade on the information, because it owns the information.
could wyman buy shares expecting it could manipulate the price of the shares? no - that would violate 10(b)(5). but in O'Hagen, the party uses the information for his own personal benefit. there must be a rule against this to avoid this misappropriation. why must there be a rule of this? because rule 10(b)(5) demands deception of some kind. otherwise, it's not a 10(b)(5) case.
martha stewart. initially charged of insider trading but not found guilty of it. instead found guilty of obstruction of justice. thought that it would be problem for MSOM to be suspected of insider trading. so she told family and friends to sell ImClone stock, and she herself sold all the stock a day before the FDA announced that it would not approve the drug.
proxies: who pays for the solicitation?
THAT'S US.
6 years ago
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