A Key Ruling On Materiality In Insider Trading Cases
September 15, 2008, 12:00 AM EDT
Law360, New York (September 15, 2008, 12:00 AM EDT) -- The SEC’s efforts to curb what it considers abuses relating to trading in Private Investments in Public Equities (PIPEs) was dealt another serious blow when the Honorable Graham C. Mullen, a federal court judge in Charlotte, North Carolina, granted John F. Mangan Jr.’s motion for summary judgment and dismissed the SEC’s insider trading claim against him.
Judge Mullen, in a case of first impression, had earlier dismissed the SEC’s Section 5 claim, the only other claim in the case. [Citation: SEC Fails First Test Of Section...