The broad congressional purpose in passing the Securities Exchange Act of 1934 is set forth by Thomas G. Corcoran, one of the draftsmen of the bill that became the 1934 Act. 21 (S.D.N.Y. An insider's duty to disclose information or his duty to abstain from dealing in his company's securities arises only in "those situations which are essentially extraordinary in nature and which are reasonably certain to have a substantial effect on the market price of the security if [the extraordinary situation is] disclosed." 78j(b) and Rule 10b-5, and remand, pursuant to the agreement of all the parties, for a determination of the appropriate remedy. 972, 978 (SDNY 1964); Miller v. Bargain City, U. S. A., Inc., 229 F.Supp. 3844 (Oct. 8, 1957). "Securities and Exchange Com'n v. Texas Gulf Sulphur Co.". K-55-10 was drilled westerly at a 45 angle commencing April 14 and had encountered mineralization over 231 of its 249-foot length by the evening of April 15. -Schedule & execute hydrocarbon movements effectively to meet demand, inventory & service level targets for refined products, components . The resolution, if such be possible, of the many problems presented in this field should be by rule, as definite as possible, formulated in the light of reality and not retroactive in effect as here. 99 (S.D.N.Y.1966), appeal pending; Heit v. Weitzen, 260 F.Supp. 249, 255 (1973), citing Texas Gulf Sulphur, 401 F.2d at 854. Corp., supra, 188 F.2d at 786, and follow the lead of those Circuits that seem to have discarded the scienter requirement in actions for damages under Rule 10b-5,[32] Ellis v. Carter, 291 F.2d 270, 274 (9 Cir. (1) In resolving the stock purchase issue, the primary factual inquiry must be concentrated on (a) the nature and extent of the knowledge possessed by, or available to, the purchaser on the date of purchase, and (b) the position of the purchaser in relation to TGS. [20] The SEC seeks permanent injunctions restraining future proscribed activity by all the individual defendants and the corporation. 1965). 872, 895 (1967). Visual estimates revealed an average content of 0.82% copper and 4.2% zinc over a 525-foot section. . The text of the article was approved by Mollison in Timmins on April 15th. And there are impressive, strong sections within this width which in themselves are quite spectacular. As to these eight individuals we remand so that in accordance with the agreement between the parties the Commission may notice a hearing before the court below to determine the remedies to be applied against them. Beyond this, a rule imposing civil liability in such cases would work directly counter to what the SEC has properly called "a commendable and growing recognition on the part of industry and the investment community of the importance of informing security holders and the public generally with respect to important business and financial developments." 9323), the bill a Committee of Conference eventually integrated with a similar Senate bill (S. 3420) to make the bill passed by both Houses of Congress that became the Securities Exchange Act of 1934, the House Committee which reported out H.R. 78u(e), a permanent injunction restraining the issuance of any further materially false and misleading publicly distributed informative items.[26]. At that time approximately 2/3 of the ore ultimately found to exist by the time of the preparation of the April 16 "major strike" release had been discovered by 5 holes placed so as to indicate continuity of mineralization within the large anomaly. So far as concerns paragraphs (1) and (3), this is not very important since these are clearly within the ambit of 10(b) and relate to frauds that would give rise to civil liability in any event.

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