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Business Assoctiations Keyed to Gabalson, 3rd 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 potentially valuable mineral deposits in Timmins, Ontario through exploratory drilling. The company kept this information confidential while acquiring adjacent land rights. Between November 1963 and April 1964, several TGS officers, directors, and employees purchased TGS stock or call options while aware of this non-public information. In February 1964, stock options were granted to several officers without disclosing the discovery to the Stock Option Committee. As rumors about the discovery began circulating in April 1964, TGS issued a press release on April 12 that characterized the findings as inconclusive and preliminary. Four days later, on April 16, TGS announced a major mineral strike. Some defendants purchased additional shares after the first press release but before the second announcement. The SEC brought enforcement action against TGS and the individual defendants for violations of Section 10(b) and Rule 10b-5.
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