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Chiarella v. United States
Citation:
445 U.S. 222 (1980).Facts
Petitioner was a printer working for Pandick Press, a financial printer. In the course of business, Petitioner handled five corporate takeover bid announcements. The identities of the acquiring and target corporations were concealed in the documents until the night of the final printing. Despite this, Petitioner deduced the names of the target companies before final printing and purchased stock. Petitioner immediately sold the stock after the takeover attempts were made public realizing a gain of $30,000 in 14 months.
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