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Corporations Keyed to O’Kelley
Securities and Exchange Commission v. Texas Gulf Sulphur Co.
Citation:
404 U.S. 1005 (1971)Facts
The action derives from the exploratory activities of TGS begun in 1957 on the Canadian Shield in eastern Canada. During the period from November 12, 1963 when K-55-1 was completed, to March 31, 1964 when drilling was resumed, certain of the individual defendants and persons said to have received tips from them, purchased TGS stock or calls thereon. On April 8 TGS began with a second drill rig to drill another hole, K-55-6, to explore mineralization beneath K-55-1. While no visual estimates of its core were immediately available, it was readily apparent by the evening of April 10 that substantial cooper mineralization had been encountered over the last 127 feet of the hole’s 569-foot length. Between the time the first press release was issued on April 12 and the dissemination of the TGS official announcement on the morning of April 16, the only defendants who engaged in market activity were Clayton and Crawford and TGS director Coates. During the period of drilling in Timmins, the market price of TGS stock fluctuated but steadily gained overall. On April 13, the day on which the April 12 release was disseminated, TGS opened at 30, rose immediately to a high of 32 and gradually tempered off to close at 30.
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