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Corporations Keyed to Hazen
SEC v. Yun
Citation:
327 F.3d 1263 (11th Cir. 2003)Facts
Donna Yun is married to David Yun, the president of Scholastic Book Fairs, Inc. On February 15, 1997, David and Donna discussed a statement of assets that he had provided her in connection with their negotiation of a post-nuptial division of assets. David explained to Donna that he had assigned a $55 value to his Scholastic options listed on the asset statement, even though Scholastic’s stock was then trading at $65 per share, because he believed that the price of the shares would drop. The following day, Donna went to her place of work and shared David’s statement with another employee Jerry Burch. The next morning, Burch called his broker and requested authority to purchase put options in Scholastic. On February 20, Scholastic announced that its earnings would be well below the analysts’ expectations. The next day it fell to $36 per share. Burch then sold his Scholastic puts, realizing a profit of $269,000. The SEC alleged that Donna and Burch had violated section 10(b) and Rule 10b-5.
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