Miller R. (2013). Fundamentals of Business Law: Summarized Cases. 9th ed. South-Western Cengage Le Show more Miller R. (2013). Fundamentals of Business Law: Summarized Cases. 9th ed. South-Western Cengage Learning. ISBN: 978-1111530624 Read the materials in the text from pages 507-513 carefully (concerning the Securities Exchange Act of 1934 the SEA of 1934) and note the discussion of Rule 10b-5 which was promulgated by the Securities Exchange Commission (SEC) under the authority of the SEA of 1934. Rule 10b-5 is difficult to comprehend but is so pervasive in its coverage and applicability that it is a virtual trap for corporate managers who are not familiar with its operation. The Rule is the pre-eminent insider trading law. It says that anyone who is a corporate fiduciary in possession of inside information and who engages in a fraudulent or deceptive scheme in interstate commerce concerning the purchase or sale of securities must either disclose the inside information or abstain carrying out the scheme. As the text points out on page 509 the Texas Gulf Sulphur case is one of the most notable insider trading cases. Once you have a grasp on the substance of Rule 10b-5 read the Texas Gulf Sulphur excerpt Case 26.2 starting on the bottom of page 509.discuss discussing the problems faced by the officers who bought TGS stock BEFORE the public found out about the mineral strike keeping in mind the fiduciary duties expected of corporate officers (see pp. 486-489 of the text). Conclude by discussing whether the officers had any legal way out of their self-imposed quandary. Show less
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