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Securities Regulation Keyed to Coffee
Akerman v. Oryx Communications, Inc.
Facts
A business that produced and sold video tapes and dvds, Oryx, filed a registration statement for initial public offering of 700,000 shares of stock. The stock sold at $4.75. An inaccuracy was included in the prospectus within the registration statement where Oryx reported a substantial transaction by a subsidiary one month later than usual. Therefore, the profits listed in the financial statement were exaggerated in the prospectus. The distortion was revealed to the SEC by Oryx months later, when the stocks selling price was $4.00. The day prior to Oryx revealing the error to the public, a month after the reveal to the SEC, the stock was selling at $3.25. Akermanbrought suit still a month after that, when the stock’s price was at $3.50, hoping to recoup the variance in value between the initial purchase price and the value at the time the suit was started under § 11 of the Securities Act. Oryx replied that the diminishing value of the stock occurred due to reasons other than distortion in the registration statement. The district court granted summary judgment to Oryx and Akerman appealed.
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