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Business Organizations Keyed to Smith
Basic Inc. v. Levinson
Citation:485 U.S. 224 (1988)
Basic and Combustion had ongoing conversations about a potential merger between the two corporations. However, Basic made public statements denying the possibility of a merger. Levinson and other Basic investors sold their stock at a low value, then later brought a class-action suit against Basic alleging the corporation violated SEC Rule 10b-5 in the public statements denying the possibility of a merger, on which they allegedly relied in selling their shares.
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