 |
 |
|
|
|
|
|
|
|
| | | |
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1
.
SEC LITIGATION RELEASE
|
EXTRACTED KEY WORDS
ARKANSAS SECURITIES TRADING COMPLAINT ALLEGES EXCHANGE COMMISSION CHRISTOPHER DISTRICT COLUMBIA CIVIL SETTLES INSIDER TRADING CONSENSUS PROFITS PURCHASES STOCK POSSESSION MATERIAL NON-PUBLIC INFORMATION PLUS PREJUDGMENT DEMONSTRATED FINANCIAL CONDITION CIVIL PENALTY COMMON STOCK RELEASED EARNINGS FINANCIAL PERFORMANCE PRIOR OPENING NET INCOME CONSENSUS WALL STREET WALL STREET ESTIMATES TOTAL PROFIT |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 16670 / August 31, 2000
SEC v. CHRISTOPHER L. BURTON, U.S.D.C. for the District of Columbia,
00 Civil Action No. 02094
SEC SETTLES INSIDER TRADING CASE AGAINST CHRISTOPHER L. BURTON
The U.S. Securities and Exchange Commission filed today a settled
injunctive action in the United States District Court for the District
of Columbia against Christopher L. Burton, a resident of Fort Smith,
Arkansas. The Commission's complaint alleges that, in January 1999,
Burton engaged in insider trading in the securities of Arkansas Best
Corporation, a holding company engaged in transportation and related
businesses. At the time of the trading, Burton was the Director of
Economic Analysis for Arkansas Best's principal subsidiary. Without
admitting or denying the allegations of the complaint, Burton
consented to the entry of a final judgment permanently enjoining him
from violating Section 10(b) of the Securities Exchange Act of 1934
and Rule 10b-5 thereunder, and ordering Burton to pay $85,319 in
profits gained as a result of his purchases and sales of Arkansas Best
securities, plus prejudgment interest of $9,512. Based on Burton's
demonstrated financial condition, a civil penalty was not assessed
against him.
The complaint alleges that from January 12, 1999 to January 21, 1999,
Burton purchased Arkansas Best common stock and units of a fund
invested solely in Arkansas Best stock while he possessed material
non-public information concerning the company's soon-to-be released
earnings and other aspects of its financial performance. Prior to the
opening of trading on January 22, 1999, Arkansas Best announced that
it had earned $.41 per share during the fourth quarter of 1998, an
increase of 116% over the fourth quarter of 1997, and that for the
fiscal year ended December 31, 1998, net income was $1.21 versus $.84
for the 1997 fiscal year. (At the time, consensus Wall Street
estimates for the fourth quarter of 1998 had been $.17 per share.) The
complaint alleges that Burton's total profit from trading Arkansas
Best securities while in possession of material non-public information
was $85,319.
_________________________________________________________________
Modified 08/31/2000
SNIPPETS:
|
|
|
| | | |
|
|
