Event

SEC v. Texas Gulf Sulphur

Second Circuit ruling of 13 August 1968 on insiders who traded before drilling results were public.

2 links, 2 backed by primary records

Connections 2

U.S. Securities and Exchange Commission plaintiff; won against several defendants and lost against others Primary record 1
U.S. Court of Appeals for the Second Circuit held that trading on the undisclosed drilling results violated Rule 10b-5 Primary record 1

Timeline 1 date

Proof 1 source

Securities and Exchange Commission v. Texas Gulf Sulphur Co., 401 F.2d 833 (2d Cir. 1968) (en banc), U.S. Court of Appeals for the Second Circuit (text via Harvard Caselaw Access Project), 13 Aug 1968. Primary record
(1) As to Clayton and Crawford, as purchasers of stock on April 15 and 16, 1964, we affirm the finding that they violated 15 U.S.C. § 78j(b) and Rule 10b-5
(2) As to Murray, we affirm the dismissal of the complaint.
We hold, therefore, that all transactions in TGS stock or calls by individuals apprised of the drilling results of K-55-1 were made in violation of Rule 10b-5.

Page history 1 change