Corporations Keyed to Klein
Basic Inc. v. Levinson
Petitioners made chemical refractories for the steel industry. A second business, Combustion Engineering, Inc., targeted Petitioner as a good acquisition. During merger discussions, the volume of trading for Petitioner’s stock increased and the price was increasing, seemingly due to rumors of a potential acquisition. Petitioner publicly refuted the rumors of a merger. Shortly thereafter Petitioner requested to suspend trading because of merger talks. Respondents sold their shares before the suspension but after the public denials of merger discussions. Therefore Respondents claimed that Petitioners violated Section 10(b) of the Securities Exchange Act and of Rule 10b-5.
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