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Business Associations Keyed to Diamond, 6th Ed.
Securities and Exchange Commission v. Texas Gulf Sulphur Co.
Citation:
401 F.2d 833 (1968)Facts
In November 1963, Texas Gulf Sulphur Company (TGS) discovered a potentially significant mineral deposit near Timmins, Ontario through an initial drill core (K-55-1). The company kept this information confidential while acquiring adjacent land rights. Between November 1963 and April 1964, several TGS officers, directors, and employees who knew about the discovery purchased TGS stock or call options. In February 1964, TGS issued stock options to several officers without disclosing the discovery to the stock option committee. On April 12, 1964, responding to rumors about the discovery, TGS issued a press release characterizing reports of a major strike as exaggerated and stating that further evaluation was needed. Four days later, on April 16, TGS announced a major ore strike. The stock price rose significantly following this announcement. Some defendants also purchased stock after the April 12 press release but before the April 16 announcement.
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