United States Ninth Circuit

In an action by the SEC claiming that defendants sold unregistered securities to the public and that they issued a fraudulent press release, partial summary judgment for the SEC is affirmed where: 1) the district court properly entered a Rule 54(b) final judgment on the Section 5 and Section 10(b) claims on which it granted summary judgment; 2) there was no genuine issue of material fact that defendant controlled the company at issue at the time of the transactions; and 3) the company was an affiliate of defendant-corporation at the time of the transactions, and the transactions did not qualify for the Rule 144(k) safe harbor.

Appellate Information

• Argued 06/08/2010
• Decided 07/27/2010
• Published 07/27/2010

Judges

• Ronald M. Gould

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Stanley C. Morris, Mark Pennington