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Securities Regulation Keyed to Coffee
Securities and Exchange Commission v. Yun
Facts
David, Yun’s husband and president of a Scholastic Corporation (Scholastic) subsidiary, was informed prior to public release that Scholastic’s revenue were going to considerably lower than analysts’ projections. Yun was informed by David of this as part of their post-nuptial division of assets. David asked that Yun keep this information to herself and she agreed. Later, a co-worker and friend of Yun’s, Burch, overheard Yun speaking with her attorney regarding the expected price decline in Scholastic’s stock. As a result of what he heard Yun say, Burch was no longer comfortable trading Scholastic stock and apparently attained additional information from Yun at an awards banquet later on in the day. The following day, Burch traded in Scholastic stock, attaining a 1,300% return on his investment by procuring earnings in excess of$250,000. The SEC had begun an investigation within mere hours of Burch’s trades, and as a result of that investigation, filed suit against Yun and Burch for violating Rule 10b-5 and § 10(b) of the Exchange Act. After responding to special verdicts, the jury found both defendants guilty under a “misappropriation theory” of insider trading liability. Burch and Yun appealed, arguing that the district court was erroneous in educating the jury on the factors of misappropriation theory of liability for insider trading. The court of appeals granted review.
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