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Business Organizations Keyed to Bauman
Diamond v. Oreamuno
Citation:248 N.E.2d 910 (N.Y. 1969).
MAI financed business computer installations through sale and lease back agreements. Per its agreements, MAI needed to maintained these computers, but was unable to do so. Therefore, MAI engaged the services of IBM. IBM’s charges caused a considerable increase to MAI’s expenses in August of 1966. As such, MAI’s earnings declined from $262,253 in July to $66,233 in August. This information was not publicly released until October of 1966. Prior to the release of this information, some MAI directors sold their 56,500 shares at a market rate of $28 per share. After the information became public, MAI’s rate dropped to $11 per share.
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