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Business Associations Keyed to Diamond, 6th Ed.
Goodwin v. Agassiz
Citation:
186 N.E. 659 (1933)Facts
In 1926, Agassiz (president and director) and MacNaughton (director and general manager) of Cliff Mining Company purchased shares of the company’s stock through brokers on the Boston stock exchange, including 700 shares owned by Goodwin. The defendants possessed knowledge that Goodwin did not have: a geologist had formulated a theory about possible copper deposits in the region where the company’s property was located. The defendants believed this theory had value and should be tested but agreed to keep it confidential while they secured options on adjacent land through another company they served as officers. They also believed that if the theory had merit, the price of Cliff Mining Company stock would increase. Goodwin sold his shares after learning about the closing of exploratory operations from a newspaper article (which the defendants were not responsible for publishing). The transaction occurred impersonally through the stock exchange; neither party knew the identity of the other. Goodwin would not have sold his stock had he known about the geologist’s theory.
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