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Business Associations Keyed to Coffee, 9th Ed.
Diamond v. Oreamuno
Citation:
24 N.Y..2d 494, 248 N.E.2d 910, 301 N.Y.S.2d 78 (1969)Facts
Management Assistance, Inc. (MAI) was in the business of financing computer installations through sale and lease-back arrangements. Under its lease provisions, MAI was required to maintain and repair computers but lacked the capacity to do so itself, forcing it to engage IBM for servicing. In August 1966, IBM sharply increased its service charges, causing MAI’s expenses to rise considerably and its net earnings to decline from $262,253 in July to $66,233 in August—a decrease of about 75%. Before this information was made public in October 1966, defendants Oreamuno and Gonzalez sold 56,500 shares of their MAI stock at the then-current market price of $28 per share. After the information was released, MAI’s stock price immediately fell to $11 per share. By using their privileged position and access to confidential information, the defendants allegedly realized approximately $800,000 more for their securities than they would have if they had waited until after the public disclosure.
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