Securities Regulation Keyed to Coffee
Dirks v. Securities and Exchange Commission
Facts
A stock market analyst, Dirks, was made aware of accusations that Equity Funding of America was in a dangerous financial state due to immense fraud. He began an investigation and using the information he had acquired from specific insiders, Dirks decided that Equity Funding was in pathetic financial condition, and that its worth would drop significantly once the facts became public. He suggested multiple clients to sell. Afterwards, Equity Funding’s situation became public information and its worth plunged. The SEC (Plaintiff) performed an investigation causing Dirks to be held by the SEC to be in violation of Rule 10b-5 by trading inside information. He was censured as punishment. The Court of Appeals for the District of Columbia affirmed, and the Supreme Court granted review.
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