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Business Associations Keyed to Coffee, 9th Ed.
Freeman v. Decio
Citation:
584 F.2d 186 (1978)Facts
Skyline Corporation, a major producer of mobile homes and recreational vehicles, experienced continuous growth throughout the 1960s and into 1972. In December 1972, Skyline reported a decline in quarterly earnings, causing its stock price to drop significantly. The plaintiff alleged that defendants made stock sales totaling nearly $14 million during two periods: first, when financial results allegedly understated material costs and overstated earnings for quarters ending May and August 1972; and second, when defendants allegedly knew about the upcoming earnings decline for the quarter ending November 1972. The plaintiff also claimed certain transactions violated Section 16(b) of the Securities Exchange Act. Defendants denied the allegations, providing evidence that they believed the financial statements were accurate and that they expected continued growth despite rising material costs and price controls.
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